Hard Red Winter Wheat Futures Hit Two-Year High Amid U.S. Drought Conditions

Hard red winter wheat futures climbed to a two-year high by the end of the week, with active contracts in Chicago now at their highest level since June 2024. The commodity rose another 1% on Friday, pushing weekly gains to approach 6%. Year-to-date, these futures contracts are up 28%, according to data reported by ZeroHedge.

U.S. agricultural belt. S. ' ZeroHedge reported these details in an article authored by Tyler Durden and created on 2026-04-24 at 16:45:00 UTC. The National Oceanic and Atmospheric Administration's Palmer Drought Severity Index reached its highest level for March since records began in 1895.

March ranked as the third-driest month recorded, regardless of time of year, trailing only July and August 1934. UBS analysts cited these figures in their client note, as detailed by ZeroHedge. River levels in Memphis currently sit 24 feet below the levels from this time last year.

This drop underscores the drought's impact on key agricultural and transportation areas. ZeroHedge highlighted how these conditions rank among the worst in more than 130 years, based on the UBS analysis.