(Bloomberg) -- Wheat snapped a run of declines with investors assessing a broader rise in commodities against the outlook for increasing supply.
Futures climbed as much as 2.5% in Chicago after a five-day slump last week, which eroded gains following Russia’s invasion of Ukraine. Data show Crimea is shipping 50 times the normal volume of food for this time of year, likely signaling that stolen Ukraine grains are moving on to importing countries.
Agricultural markets have also been mired in the downturn gripping commodities, as fears mount about slowing economic growth. A surging dollar hasn’t helped either, and a slight weakening of the greenback on Monday is boosting risk assets including raw materials.
Wheat harvests are also rolling in across the US and Europe, boosting near-term supplies. The grain is one of the world’s major staples and its price decline could help tame the run-up in food inflation.
Corn and Soybeans also gained in Chicago. Traders are watching hot weather in Europe and US that increases the risks for production.