As wheat futures climb to highs not seen in more than a decade, CNBC Pro found the agriculture stocks that historically outperform when soft commodity prices jump. War between Russia and Ukraine — two of the world's biggest exporters of wheat and other agricultural products like corn — has traders worried about the global supply of soft commodities. Wheat on Wednesday climbed to $10.59 per bushel, its highest level since March 2008. Corn touched 747.75 cents per bushel at its highs, the highest price since December 2012. To find stocks that could shine in this environment, CNBC Pro first identified previous periods of rising agricultural commodity prices. We found the top five monthly moves in the Invesco DB Agriculture Fund , which tracks agricultural commodities. Then, we found the commodity-related stocks in the S & P 1500 — which encompasses large-, mid- and small-cap stocks — that had the best average performance during five months of agricultural product price rallies. We also screened for the names that didn't lose more than 5% during any of those months. From there, we found the remaining stocks that are up so far in 2022. Take a look at the potential agriculture stock winners from CNBC Pro's screen. Mosaic , a producer of fertilizer nutrients phosphate and potash, is the top-performing stock on average when commodity prices climb. The stock returned 11.3% on average during the five months of agricultural product price rallies. Mosaic is also up big this year, rallying 32% so far in 2022. CF Industries is another maker of agricultural fertilizers that could be poised to outperform. Shares rose 13.2% on average during those five months. The stock has returned 16.3% this year. Agricultural equipment maker Deere also makes CNBC Pro's screen with an average 5.6% monthly performance when prices surge. The industrial stock is also up 4.6% this year. Other names from the screen include Hawkins , Worthington and REX American Resources.
A combine harvester stops during harvest, during the wheat harvest in Shelbyville, Kentucky, U.S. June 29, 2021.
Amira Karaoud | Reuters
As wheat futures climb to highs not seen in more than a decade, CNBC Pro found the agriculture stocks that historically outperform when soft commodity prices jump.