GRAINS-Wheat extends rally as Black Sea risks, US dryness support prices

Chicago wheat rose on Monday as the market remained focused on risks to Black Sea grain exports after Russia rejected the idea of a ceasefire with Ukraine, while concerns over dry conditions in the southern U.S. Plains also supported prices.

Soybeans edged higher on firm Chinese demand, while corn also gained.

• The most-active wheat contract Wv1 on the Chicago Board of Trade (CBOT) gained 0.36% to $6.92 a bushel by 0054 GMT, extending its rally to a fourth straight session.
• Soybeans Sv1 added 0.04% to $11.93 a bushel and corn Cv1 rose 0.26% to $4.84-1/2 a bushel.

• The U.S. Department of Agriculture last week raised its 2026 U.S. corn and soybean acreage estimates while lowering its yield forecasts in a monthly report.
• Traders are also watching a major field tour this week for further indications of U.S. corn and soybean yield prospects.
• Russia launched a wave of airstrikes on Ukraine over the weekend, killing two people at a steel plant. Kyiv, meanwhile, carried out a major drone attack on the Moscow region that killed one person and set fire to a warehouse used by Russia's leading e-commerce retailer.
• Dryness in the southern U.S. Plains remains a concern, with planting of the 2027 winter wheat crop expected to begin in about a month.
• Commodity funds were net buyers of corn, wheat, soybeans and soyoil, traders said on Friday. CBOT/FUNDS