Wheat futures rise. Severe weather restricts global production.

The futures price of wheat is rising, with the market expecting that adverse weather conditions may lead to a decrease in wheat production in major wheat-producing countries including the largest exporting country, Russia, as well as India and the United States. Traders are monitoring the impact of lower temperatures in the Black Sea region and rainfall in India, where local officials have revised down production estimates. Meanwhile, the US Great Plains region is suffering from drought, with recent assessments by the US Department of Agriculture showing that only 30% of winter wheat is rated as "good or excellent", the lowest level since 2023. As the global benchmark, soft red winter wheat rose by 1.3% on Thursday; while hard red winter wheat - a variety popular in the largest production area in the US, Kansas - rose by 1.8%.