Wheat Market Gains Momentum Amid Black Sea Shipping Hopes and Early Harvest

The wheat market is experiencing gains to start September, with Chicago SRW contracts up by 9 to 10 cents. This follows recent news that Turkey is pushing for a Black Sea shipping corridor to help restore grain flows, which have been limited due to an attack moratorium rejected by the Russian foreign ministry.

According to the US Department of Agriculture's weekly Crop Progress report, 77% of the US spring wheat crop has been harvested as of Sunday, which is 9% ahead of the normal pace. This development has contributed to the upward trend in wheat prices.

The price action on major exchanges includes CBOT Wheat up by 9 1/4 cents at $7.65 3/4 for September contracts and Dec 26 contracts up by 10 cents at $7.84. KCBT Wheat is also higher, with Sep 26 contracts up by 16 1/2 cents at $8.36 3/4 and Dec 26 contracts up by 7 3/4 cents at $8.45 3/4.