Wheat Jumps on Black Sea Disruptions, Saudi Purchase
Chicago wheat futures rose on Monday, rebounding from recent lows. Prices were supported by a lack of progress in restoring Black Sea shipments affected by the Russia-Ukraine war and a significant wheat purchase by Saudi Arabia. Corn and soybeans also saw gains after periods of weakness.
Chicago wheat climbed on Monday, recovering from six-week lows reached last week, as stalled progress in restoring Black Sea shipments disrupted by the Russia-Ukraine war supported prices along with a major Saudi wheat purchase. Corn and soybeans also advanced after recent weakness.