Spring wheat is used to make bagels, pizza crust, rolls, and croissants, among other specialty items, which touched a 14-year high on Monday morning at $12.31 a bushel due to delayed planting fears across the northern U.S. Plains and Canada because of abnormally wet conditions.

Across the Atlantic, a three-week drought plagues western Europe and adds more uncertainty for wheat. Weather forecaster Meteo France expects France to be hit with "summer-like heat this week," according to Bloomberg.

Paris-based adviser Agritel suggests even though wheat crops have been in great shape. The latest dry spell could revise the crop ratings lower given the current weather outlook and weeks of drought.

"The growing water deficit in France is causing concern amidst an already tense market," Agritel said in a commodity note. 

Aside from Europe, India has considered halting wheat exports as a severe heatwave damaged crops.

"The situation is clearly stretched in terms of availability on the international scene, despite the very promising harvest expected in Russia," Agritel added.