Wheat climbed to a two-year high in Paris, as corn extended a rally to the highest level in three years on escalating Black Sea tensions and concerns over crop conditions.

Wheat fluctuated after touching a two-year high as traders weighed ongoing Ukrainian and Russian strikes in the Black Sea and weak US export data.

Asian consumers will be facing higher grocery bills for months thanks to costly packaging stemming from the Iran war, which created severe shortages of plastics needed to get food from farms to market.

The Iran war risk premium that swept through crop and fertilizer markets is rapidly evaporating as fears of prolonged supply disruptions fade, easing one of the biggest threats to food inflation.

Wheat futures extended their longest losing streak since early January, as traders returning from a US holiday digested progress in negotiations to end the Middle East war.