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Global Wheat Supply Tightens as Extreme Weather Disrupts Major Growing Regions

Wheat prices climbed for a third consecutive session as severe weather across key production zones threatens crop viability and global supply. US farmers are filing insurance claims after experiencing drought, hail damage, and unseasonable temperature swings that have jeopardized yields. Russia, the world's top wheat exporter, faces its worst spring planting conditions in years due to heavy rains and below-normal temperatures. These conditions could reduce harvests significantly. Hungary declared agricultural emergencies following an April dry spell that triggered severe drought conditions across grain-producing areas. Turkey's wheat output is expected to recover sharply from the previous year's drought-damaged crop, potentially reducing import demand from one of the globe's largest wheat buyers. Market analysts cite tightening supply from multiple continents as the primary driver of recent price strength.