CBOT wheat rises on fears for Black Sea exports, drought in key growing regions

CHICAGO: 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 US and Iran, along with a spate of recent rainfall across parts of the US 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 US 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 US Commodities.