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Wheat futures rose more than 2% to $6.07 per bushel, the highest since a nine-month high of $6.16 hit on March 31, as concerns grew that drought-stressed crops in the US Plains could face frost risks this weekend. The affected region accounts for nearly a third of US wheat production and a large share of hard red winter wheat. While earlier forecasts of rain had pressured prices, uncertainty over how much moisture will reach the driest areas and the arrival of colder weather renewed supply concerns. These concerns have offset pressure from ample global supplies and generally favorable growing conditions elsewhere. Traders are also watching possible disruptions to fertilizer supply from the Gulf. Meanwhile, US wheat export sales totaled 231,300 metric tons for the week ended April 9, within expectations, with South Korea among the top buyers.
