On Monday, Chicago wheat futures rose nearly 2%, driven by a spike in oil prices after U.S.-Iran negotiations failed, raising fears of a potential U.S. blockade of the Strait of Hormuz. This blockade could significantly impact global fuel and fertilizer supplies, leading to concerns that farmers might reduce wheat planting due to high input costs. The most-active corn contract rose 1.8% to $5.81 per bushel, while soybean prices increased 0.5% to $11.82 per bushel, marking their highest levels since mid-March. The U.S. Department of Agriculture (USDA) recently projected that U.S. farmers would plant the fewest acres of wheat since records began in 1919. Additionally, drought conditions are impacting the U.S. wheat belt, with only 35% of the winter wheat crop rated as good-to-excellent, a three-year low for this time of year. The market anticipates further volatility as geopolitical tensions continue to unfold.