Chicago wheat prices rose for the third consecutive day due to ongoing drought in key production areas in the United States, threatening supply prospects.

Drought in parts of the U.S. Great Plains is putting pressure on crops. According to the latest data released by the U.S. Department of Agriculture on Monday, the winter wheat good-to-excellent rating is 28%, down from 31% last week and much lower than 54% in the same period last year. Traders are also awaiting the U.S. Department of Agriculture's World Agricultural Supply and Demand Estimates report to be released on Tuesday to assess the extent of the weather's impact. A crop survey this week in Kansas is expected to report that hard red winter wheat has suffered from frost damage and drought stress. Soft red wheat futures once rose by 2.2%, while hard red winter wheat prices once increased by 2.6%.