The U.S. winter wheat crop has emerged from dormancy in miserable condition following a historically dry winter in key production states, almost guaranteeing that the harvest will not rank among the country’s better ones. The timing is not great since tensions in the wheat market are running high. Global wheat prices hit record levels last month after war broke out among top exporters Russia and Ukraine, and that came on the heels of an already-tight supply situation. The United States is also among the world’s leading suppliers of wheat. The U.S. Department of Agriculture late on Monday said 30% of...