Wheat futures climb on Black Sea tensions, weak dollar Speculative short-covering lifts CBOT as traders eye global risks3 June 2025 3 June 2025 2 minute read 2 minute read By: By: Global Ag Media North AmericaChicago Board of Trade (CBOT) wheat futures closed higher on Monday as rising tensions in the Black Sea region, a weaker US dollar and some uncertainty about global production prospects triggered speculative short-covering, Reuters reported, citing traders. Commodity funds hold a large net short position in CBOT wheat futures, leaving the market prone to short-covering rallies. CBOT July soft red winter wheat settled up 5 cents at $5.39 per bushel. July hard red winter wheat KWN25 ended up 6-1/2 cents at $5.39-3/4 a bushel and Minneapolis July spring wheat rose 1-3/4 cents to finish at $6.27-1/4 a bushel. US winter wheat ratings were seen as steady as the harvest of that crop begins.