Hot Commodities: Global Wheat futures hit three-year high

US wheat futures have soared over last few weeks as markets eyed weak supplies outlook. The benchmark futures have hit near $7.70 per bushel today, jumping to the highest in three years as media reports stated that Russia is preparing to escalate attacks on Ukraine. Market is also eying a drop in European output. The drought in Europe is hurting the Wheat harvest, with a recent estimate from France?s agricultural ministry suggesting their 2026 wheat production may be close to 32 million tons, down nearly 7% from the previous year. This is primarily due to El Nino weather conditions. Global wheat futures have surged around 18% this month.

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