Wheat futures surge on Black Sea tensions as corn and soybeans rally.

Grain markets saw widespread gains, with Soybean futures hitting new highs on the back of solid export sales and supply chain constraints at the Panama Canal. Corn futures extended a six-day rally, climbing 82 cents over two weeks amid concerns over declining yields and increased ethanol production. Meanwhile, Wheat futures emerged as the primary mover, surging on renewed port infrastructure strikes in the Black Sea and unfavorable winter wheat sowing conditions. In the U.S., falling spring wheat crop ratings added further support to the rally. Traders also observed concentrated options activity across all three commodities, suggesting key resistance levels are coming into focus.