$7.89 wheat marked a fresh breakout after reports that Russia plans to intensify attacks on Ukraine, extending a supply-driven rally that has spilled into corn, soybeans and rice.
A projected 2026/27 U.S. wheat carryover of 702 million bushels versus 920 million in 2025/26 had already left the market tight, and the December Chicago contract has now exceeded its $7.83 technical target.
Corn joined the move as traders weighed Pro Farmer's 173.2-bushel-per-acre yield estimate below USDA projections, while rice and soybeans also drew support from war-related food security worries and hot, dry weather.
The late-season surge is unusual: since 1970, the highest price of the marketing year has occurred in August only 16% of the time, raising the risk that a harvest-time top could be followed by a sharp reversal.