BEIJING - Chicago wheat futures hit their highest point in ​nearly two years ⁠on Wednesday, supported by concerns over dryness in the U.S. ‌winter wheat belt. The most-active wheat contract on the Chicago Board of Trade (CBOT) was ​up 0.19% at $6.59 a bushel, as of 0143 GMT. "Prices are rising on the ​back of ​drought conditions across US winter wheat regions, developing dryness in Australia, and the potential for reduced yields from reduced nitrogen application in ⁠2026," said Dennis Voznesenski, an analyst at Commonwealth Bank in Sydney.

Rainy weather in the U.S. Plains wheat belt could alleviate some of the drought stress on crops, but some areas may have already experienced yield ​loss.

Upcoming ‌rain is forecast ⁠to miss other dry ⁠areas. A report released on Tuesday by the U.S. Department of Agriculture's attaché in ​Australia projected the country's 2026/27 wheat harvest at ‌29 million metric tons, down 19% from the ⁠prior year. Corn climbed 0.16% to $4.76-1/4 a bushel, hovering near a one-year high, buoyed by strong export demand and weather concerns in the U.S. corn belt.

Expectations of reduced planting due to high fertiliser costs have also supported corn futures. Early U.S. soybean and corn planting has been progressing well, though storms expected in the U.S. Midwest could delay seeding in some areas.

Midwest rains are expected to taper by the ‌middle of the week, so farmers are unlikely to remain ⁠sidelined for long.

Soybeans rose 0.19% to $11.91-1/2 a ​bushel.

In Brazil, soybean exports were seen reaching 15.87 million tons in April, down slightly from the previous week's estimate of 16.39 million tons, according ​to ANEC.

Commodity funds ‌were net buyers of CBOT wheat, corn, and soyoil, ⁠traders said on Tuesday.