Black Sea Fears Fuel Chicago Wheat Rally Amid Drought Concerns

The Chicago 'wheat' market rose on Monday as concerns over Black Sea grain exports and dry conditions in southern US Plains took center stage.

Following Russia's rejection of a ceasefire, fears about potential disruptions to wheat shipments from the region grew. The USDA had previously reassured global wheat importers that world stocks are healthy, but actual 'flows' from the Black Sea are what they're looking for, said Josh Lawrence, an advisory consultant with IKON Commodities.

In other grain news, soybeans fell 0.06% to $11.91-3/4 per bushel, while corn rose 0.26% to $4.84-1/4 a bushel. The US Department of Agriculture raised its estimates for 2026 U.S. soybean and corn acreage but lowered yield predictions in a recent report.