Wheat Futures Rise Amid Ongoing War Risks to Black Sea Exports

Chicago wheat futures rose on Monday as concerns over war risks to Black Sea exports persisted. The market is awaiting closely followed US government crop forecasts on Wednesday.

The most-traded wheat contract on the Chicago Board of Trade (CBOT) was up 1.5% at $6.49 a bushel, while front-month wheat on Euronext rose 0.6% to €224.25 ($259.14) a metric ton.

CBOT prices have recovered nearly 30% this year, but are still below the highs of over $7 a bushel reached last month when Black Sea export disruptions began.

Turkey's restrictions on commercial ship traffic entering the Black Sea following attacks on vessels unsettled traders, although subsequent comments from Turkish government officials eased concerns that ships were passing normally through the Turkish straits.