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US wheat futures jumped to multimonth highs on Feb. 27, with Chicago SRW reaching year highs and KC HRW at its highest since June 2025.
Fund short-covering drove the rally, and traders could not pinpoint a clear catalyst beyond US-Iran tensions and Russian attacks on Odesa.
Fund short-covering in a well-supplied market lifted wheat prices, and geopolitical risk premium may be bidding up grain prices, raising feed-grain costs for buyers. Gains could fade quickly if the geopolitical premium eases.
spglobal.comMaham QuadriFeb 27, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
