Chicago Wheat Climbs on Iran War Escalation, Weather Risks

Chicago wheat futures rose — heading for a fourth gain in five sessions — as the Iran war threatens to further push up energy and fertilizer costs for farmers and poor weather hampers US fields.

Missile strikes ripped across the Middle East over the weekend as Iran and its proxies lobbed attacks at US allies, with fears heightening over an escalation of the war as it enters its second month. The attacks and effective closure of the Strait of Hormuz have choked flows of fertilizers and fuel from the region, raising input costs for farmers worldwide.