CANBERRA: Chicago wheat futures rose on Monday, supported by adverse weather in US growing regions and fears that a ceasefire between the United States and Iran may be breaking down. Oil prices rose sharply after the United States said it had seized an Iranian cargo ship that tried to run its blockade and Iran said it would retaliate. The continued closure of the Strait of Hormuz threatens fuel and fertiliser supply and could over time reduce global food production, putting upward pressure on prices. Corn futures rose, while soybeans were little changed.
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