Wheat Market Extends Rally as US Harvest Nears Completion

The wheat market has extended its rally into Tuesday, building on last week's gains. Chicago SRW contracts rose by 4 ¼ to 9 3/4 cents, while KC HRW futures gained 1 ½ to 7 ¼ cents at the close.

The rally comes as the US harvest nears completion, with 77% of spring wheat crops already harvested, according to the NASS Crop Progress report. This is 9% ahead of the normal pace.

In other developments, Russia's attack on Ukrainian export infrastructure in Odesa has raised concerns about global supply chains. The EU's soft wheat exports have totaled 4.16 MMT as of August 30, which is down just 0.16 MMT from last year.