Wheat edges higher on Black Sea risks, dry US Plains

Chicago wheat rose slightly on Monday, with the most-active CBOT contract up 0.04 per cent at $6.89-3/4 a bushel by 0405 GMT, according to Business Recorder. The advance stretched the grain's rally to four consecutive sessions. Traders were watching for possible interruptions to Black Sea exports after Moscow dismissed a proposed truce with Kyiv.

Weekend hostilities added to the strain. Russian air raids on Ukraine claimed two lives at a steel facility, and a Ukrainian drone wave against the Moscow region left one person dead and set a storehouse ablaze that a leading Russian e-commerce firm used.

Dryness across the southern US Plains also supported prices, with planting of the 2027 winter wheat crop expected in about a month. An adviser at IKON Commodities, Josh Lawrence, said last week's USDA WASDE report signalled healthy global wheat inventories, yet importers are waiting for actual Black Sea shipments. Soybeans slipped 0.06 per cent to $11.91-3/4 a bushel, corn climbed 0.26 per cent to $4.84-1/2, and China's Sinograin plans a Wednesday auction of 360,000 tons of imported soybeans, its fourth since late July.