Wheat Rises on Black Sea Tensions and US Plains Dryness

The global wheat market edged higher on Monday as concerns over Black Sea grain exports and dry conditions in the US Plains pushed prices upward. The most-active wheat contract on the Chicago Board of Trade (CBOT) gained 0.04% to $6.89-3/4 a bushel by 0405 GMT.

According to Josh Lawrence, advisory consultant at IKON Commodities, 'The USDA offered reassurance in last week's WASDE that world wheat stocks remain healthy, but actual flows from the Black Sea are what the world's importers are looking to see.'

Russia's rejection of a ceasefire with Ukraine and ongoing airstrikes have increased tensions in the region, while dry conditions in the southern US Plains may impact the 2027 winter wheat crop.