# Wheat Futures Surge to Highest Since 2024 on US Drought, Fertilizer Costs - Bloomberg

> Chicago soft red winter wheat futures rose as much as 4.1%, reaching their highest level since June 2024. US Plains wheat planted last autumn is withering from lack of rain, and USDA kept crop ratings at just 30% good or excellent. Soaring fertilizer costs are also prompting farmers to plant fewer nutrient-intensive crops such as grains.

- Date: 2026-04-28 · published 2026-04-28T12:00:00.000Z
- Category: weather · region US · magnitude high
- Page: https://feedsoft.ai/events/19765-wheat-futures-surge-to-highest-since-2024-on-us-drought-fertilizer-costs
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Drought losses in US hard red winter wheat and tighter supply expectations support wheat prices, and high fertilizer costs could reduce future grain acreage. Feed buyers face higher wheat and feed-grain costs.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2026-04-27 | 5 | +9.3% | 2.9 | Futures hit the highest since 2024 on Plains drought and fertilizer costs reducing grain plantings, though a global benchmark rather than HRW. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2017-06-29 | [Spring Wheat Surges the Most Since 2010 - Bloomberg](https://feedsoft.ai/events/6177-spring-wheat-surges-the-most-since-2010-bloomberg.md) | +2.3% | -2.9% |
| WHEAT | 2026-05-31 | [Wheat Futures Prices Have Surged 30% This Year As Iran War Hit Fertilizer Supplies and U.S. Drought Sent Output To A 54-Year Low](https://feedsoft.ai/events/19292-wheat-futures-prices-have-surged-30-this-year-as-iran-war-hit-fertilizer.md) | -2.6% | -1.5% |
| WHEAT | 2017-05-01 | [Wheat Futures Surge After U.S. Crop Pummeled by Snowstorm - Bloomberg](https://feedsoft.ai/events/6135-wheat-futures-surge-after-u-s-crop-pummeled-by-snowstorm-bloomberg.md) | +2.3% | +1.5% |
| WHEAT | 2018-07-25 | [Drought forces Egypt to pay most for wheat since 2015 \| FMT](https://feedsoft.ai/events/64072-drought-forces-egypt-to-pay-most-for-wheat-since-2015-fmt.md) | -0.6% | -0.6% |
| WHEAT | 2021-04-22 | [Corn highest since 2013, soy tops $15 and wheat over $7 on supply fears \| Financial Post](https://feedsoft.ai/events/9788-corn-highest-since-2013-soy-tops-15-and-wheat-over-7-on-supply-fears-financial.md) | +3.9% | +0.9% |
| KWHEAT | 2026-05-31 | [Wheat Futures Prices Have Surged 30% This Year As Iran War Hit Fertilizer Supplies and U.S. Drought Sent Output To A 54-Year Low](https://feedsoft.ai/events/19292-wheat-futures-prices-have-surged-30-this-year-as-iran-war-hit-fertilizer.md) | -4.5% | -7.7% |
| KWHEAT | 2017-05-01 | [Wheat Futures Surge After U.S. Crop Pummeled by Snowstorm - Bloomberg](https://feedsoft.ai/events/6135-wheat-futures-surge-after-u-s-crop-pummeled-by-snowstorm-bloomberg.md) | +3.1% | +3.0% |
| KWHEAT | 2018-07-25 | [Drought forces Egypt to pay most for wheat since 2015 \| FMT](https://feedsoft.ai/events/64072-drought-forces-egypt-to-pay-most-for-wheat-since-2015-fmt.md) | +9.2% | +4.9% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2026-04-28/wheat-highest-since-2024-as-drought-fertilizer-costs-hit-supply

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.