Wheat futures closed limit up on historic USDA crop data.

Grain markets gained ground following the latest WASDE report, with significant price action across the board. July Corn futures closed 4 3/4 cents higher to 480'0, while July Soybean futures added 13 3/4 cents to settle at 1226'6. The major story emerged in the wheat market, where July Chicago Wheat futures settled limit up 45 cents at 679'0, triggering expanded 70-cent limits for the next trading session. The surge was driven by USDA projections indicating the smallest wheat crop since 1972, heavily impacted by severe drought conditions across the U.S. plains. Additionally, the latest Crop Progress report showed wheat conditions at just 28% good-to-excellent, marking the lowest reading in 30 years and raising concerns that incoming weather relief may be too late for some production areas.