CBOT Wheat Prices Rise As Russia, Ukraine Conflict Threatens Exports

Chicago Board of Trade wheat futures rose on Monday, reversing earlier weakness on fears that intensified fighting between Russia and Ukraine would further disrupt Black Sea exports.

Corn and soybean futures turned higher, though prices remained under pressure as crude oil tumbled on prospects for a deal between the U.S. and Iran, along with a spate of recent rainfall across parts of the U.S. Midwest.

Corn futures ticked higher on support from the wheat market, where a technical bounce was also bolstered by a spate of weather worries, market analysts said.

"The wheat market found a floor, but we're seeing Europe in a dry drought pattern, the U.S. in a drought, and now with this El Nino shaping up, Australia is going into a drier weather pattern too," said Don Roose, president of Iowa-based U.S. Commodities.

Soybeans saw a choppy day of trading early in the session, though by mid-morning futures were bolstered by fresh export news. The U.S. Department of Agriculture on Monday confirmed private sales of 488,000 metric tons of U.S. soybeans for shipment to China, and an additional 136,150 tons of soybeans to unknown destinations — with both for delivery in the 2026/27 marketing year.

Reuters reportedon