Wheat Market Sees Gains Amid Ongoing Global Tensions

The wheat market saw gains on Tuesday, with contracts closing higher across three exchanges. The Chicago SRW (Spring Wheat) contracts closed between 5 ¼ to 8 ½ cents higher, while KC HRW (Hard Red Winter) futures rose by 2 ¾ to 6 ¼ cents. Meanwhile, MPLS spring wheat was up 9 to 12 1/4 cents at the close.

The upward trend in the wheat market comes as President Trump called for Ukraine to halt attacking Russian energy infrastructure on Monday. However, strikes on energy infrastructure on Tuesday seemed to counter those ideas, with both countries showing interest in the proposal but not taking action.

According to France's farm ministry, the country's wheat production for 2026 is estimated at 31.7 MMT (million metric tons), down 0.2 MMT from last month. An Algeria tender was also held on Tuesday, with a total of nearly 500,000 MT of wheat purchased.