Wheat climbs for fourth session as Black Sea tensions and US dryness weigh

Chicago wheat futures extended their rally to a fourth consecutive session on Monday, buoyed by persistent concerns over Black Sea grain exports and dry weather in key US growing regions.

The most-active wheat contract on the Chicago Board of Trade rose 0.36% to $6.92 a bushel. The gains came as Russia rejected the idea of a ceasefire with Ukraine, keeping geopolitical risk premium in the market. Over the weekend, Russia launched airstrikes on Ukraine, killing two people at a steel plant, while Ukraine carried out a major drone attack on the Moscow region.

Soybeans edged 0.04% higher to $11.93 a bushel, supported by firm Chinese demand, while corn gained 0.26% to $4.84-1/2 a bushel.

Traders are also monitoring dry conditions in the southern US Plains, where planting of the 2027 winter wheat crop is expected to begin in about a month. The market is also looking ahead to a major field tour this week for further indications of US corn and soybean yield prospects.

The US Department of Agriculture last week raised its 2026 US corn and soybean acreage estimates while lowering yield forecasts in its monthly report. Commodity funds were net buyers of corn, wheat, soybeans and soyoil on Friday, according to traders.