U.S. Plains drought highlights spring wheat supply crunch

Drought conditions in the northern U.S. Plains that have propelled spring wheat prices to a three-year high worsened in the past week and there are forecasts for more hot and dry weather that could crimp the harvest. As the world struggles with a glut of grain that has filled inventories to record-highs and cast a wet blanket over the corn and bean markets, the shortage of high-quality spring wheat has taken markets by surprise. The drought in the United States has propelled prices for the high protein grain that is prized by bread makers to three-year highs.