Wheat Prices Rise on Black Sea Concerns and US Dry Conditions

Global wheat prices rose on Monday as concerns over exports from the Black Sea region and dry conditions in the US Plains supported markets. The Chicago Board of Trade's most active wheat contract gained 0.04% to $6.89-3/4 per bushel, extending its rally for a fourth consecutive session.

The market is focused on the risks of Black Sea grain exports following Russia's rejection of a ceasefire. Over the weekend, Russia launched airstrikes against Ukraine that killed two people in a steel mill.

Josh Lawrence, an advisory consultant with IKON Commodities, said 'actual flows' from the Black Sea are what the world's wheat importers are looking for. The USDA reassured global wheat importers last week that world stocks are healthy, but actual exports are still uncertain.