Wheat Climbs the Most Since 2024 as Grains Follow Surging Crude

Chicago wheat futures jumped the most since May 2024 as grain markets followed a surge in crude prices amid the conflict in the Middle East.

Wheat rose as much as 5.1% Friday, touching the highest level in more than a year, as the war raised worries about energy and food security.

“Wartime typically raises food security concerns, trumping other fundamentals, and the market is reacting bullishly to the global shipping risks and the possibility that global wheat importers will begin to stockpile,” the Hightower Report said in a note. “All eyes are on the Iran situation.”

Investment funds have likely ...