Wheat Rises Amid Iran Ceasefire Worries and Looming US Crop Data

Wheat rebounded from a one-month low in Chicago as optimism over the ceasefire in the Middle East faded, with any re-escalation potentially threatening further supply chain disruptions and higher price for farm inputs.

President Donald Trump pledged to keep US troops in the Persian Gulf ahead of talks with Iran, while Tehran warned that some terms of the two-week pause in fighting had been breached and that there may be mines in the Strait of Hormuz. Wheat is a nitrogen-intensive crop, making it especially vulnerable to supply disruptions in Hormuz, a major trade corridor for fertilizer.