Wheat prices jumped up Friday morning after weather concerns and geopolitical tensions sparked action. Benchmark futures gained up to 2 percent to the highest since June 2025, with monthly gains topping 8 percent, the most since May 2024.

The monthly rise comes after weather concerns. Russia and the U.S. Plains both saw the potential for frost damage due to above-average temperatures and reduced snow cover.

France also received 40 days of continuous rain, ending Feb. 22, which flooded fields in several growing regions. About 84 percent of France’s soft wheat crop is in good or very good condition as of Feb. 23, down 4 percent from the previous week.

Additional pessimism over Ukraine-Russia peace talks and lower spring-wheat plantings helped support prices as well.

The price gains also come as Argentina prepares a shipment of 40,000 metric tons of wheat inbound to a Florida flour factory after over-producing wheat this season. The deal was reported to have been driven by competitive pricing.

The incoming cargo could add pressure to domestic grain prices. If realized, the shipment would be the biggest monthly import of Argentine wheat in a decade, according to USDA data.

“Argentina is a direct US competitor, so its abundant exportable supplies are expected to be a headwind for U.S. shipments, particularly during its normal peak export months of December through March,” the agency said in a report earlier this month.

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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.