Investing.com -- Chicago Board of Trade wheat futures turned higher on Monday on higher crude oil prices, a weaker U.S. dollar and war premium from the escalating conflict in the Middle East.
Traders are monitoring rainy weather in the U.S. Plains wheat belt that could help ease drought-stressed wheat crops, though some areas may have already experienced yield loss and rain is forecast to miss other dry areas.
Rain is expected to hit the U.S. Plains in the next two weeks, though about a third of the winter wheat is expected to remain stressed in the near term, according to an analyst note.
Oil prices climbed about 3% to a two-week high on Monday as peace talks between the U.S. and Iran stalled and shipments through the Strait of Hormuz remained limited, keeping global oil supplies tight.
CBOT July wheat settled 13 cents higher to $6.29-3/4 per bushel.
K.C. July wheat settled 8-1/4 cents higher to $6.67-1/4 per bushel.
Minneapolis July spring wheat settled unchanged at $6.76 per bushel.
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