US wheat rises on concerns over stability in Russia

HAMBURG, June 26 (Reuters): Chicago wheat futures rose on Monday on concerns about political stability in major exporter Russia, following an aborted mutiny by Wagner Group mercenaries over the weekend.

Chicago Board of Trade most active wheat rose 2.9 per cent to $7.68-1/2 a bushel by 1033 GMT. Euronext September European wheat futures rose 2.7 per cent to 253.75 euros ($276.66) a metric ton.

"A risk premium is being added to wheat today after the dramatic weekend in Russia," one European trader said. "While there is no apparent immediate threat to Russian wheat exports, the market has been way too complacent lately about the (Ukraine) war and Russian political stability."

Russia sought to restore calm on Monday after an aborted weekend mutiny by Wagner Group mercenaries, while Western allies assessed how President Vladimir Putin might reassert authority and what it could mean for the war in Ukraine.