Wheat at new multi-month highs on Iran uncertainty

Wheat futures surged to multi-month highs on Friday as U.S.-Iran tensions spurred short-covering. Soybeans also climbed, approaching a 20-month peak on expectations of stronger export demand and higher biofuel use. The oilseed complex benefited from geopolitical dynamics and firmer crude prices, while China’s travel advisory for Iran added to market unease.