Futures on soybeans have been rising for the third session.

Futures on wheat on the Chicago Board of Trade (CBOT) surged by nearly 4% on Friday, driven by concerns over potential disruptions in grain exports from the Black Sea region, according to analysts.

Soybean futures are up for the third session, reaching July highs, as forecasts of hot and dry weather in the United States heightened concerns about crop stress. Corn futures also closed in the positive territory.

The most active wheat futures rose by 23-3/4 cents to $6.39 per bushel on the CBOT. Earlier this week, the contract reached its lowest price since June 1.

“When it comes to wheat, we overshot the downside a little bit,” said Matt Wiegand, a commodity broker at FuturesOne, as reported by Reuters.

CBOT soybeans rose by 23.5 cents to $13.53-1/4 per bushel, reaching the highest price since July 31. Corn prices increased by 7-1/4 cents to $4.93 per bushel.

Traders reportedly covered short positions in soy and corn markets ahead of the weekend, as weather forecasts indicate light rain and higher temperatures through the end of August in the U.S. Midwest. Soybeans are considered more vulnerable to potential damage because August is a critical month for crop development.

“There’s going to be a lot of acres vulnerable to stress,” Wiegand commented.

The change in weather helped markets recover after corn prices hit their lowest levels since December 2020 earlier this week.

Next week, traders will evaluate the results of the annual Pro Farmer agricultural tour, during which corn and soybean fields in the Midwest will be examined.

“It looks like everything’s gone right for U.S. corn and soybean growers,” stated CRM Agri, a consulting firm. “The weather forecast has turned ‘hostile’ again.”