Wheat prices highest since 2012

Wheat prices have climbed above $8 per load for the first time in nearly nine years, with demand for the major commodity rising and supplies expected to end the 2021-2022 marketing year at their lowest in more than 10 years.

Global demand remains robust at record, or near-record, levels, with foreign buyers aggressively purchasing wheat supplies during the past several weeks.

Poor harvest of spring wheat and concern over the winter crop have pushed prices for the grain to their highest levels in years and signal more food inflation ahead.

Drought, strong demand around the world, troubled supply lines and rising costs of farm inputs, like fertilizer and fuel, are contributing.