Commodities
Wheat Market Shows Resilience Amid Diplomatic Developments
The wheat market is showing resilience as it powers through early losses on Tuesday. This comes after Ukraine's President Zelensky stated that there will be a diplomatic track with Russia regarding the Black Sea attack.
In terms of trade, Chicago SRW contracts are up 1 to 2 cents on the session, while KC HRW futures are up 1 to 3 ½ cents across most front months. MPLS spring wheat is showing fractionally mixed trade.
The recent crop progress report from NASS showed that 62% of the US spring wheat crop has been harvested by Sunday, which is 10% ahead of the normal pace and a 21% jump on the week. However, conditions were down 1% at 51% good to excellent.