Wheat Market Soars as International Negotiations Hit Snag

The wheat market saw significant gains in early trading on Tuesday, following a breakdown in negotiations between the US, Russia, and Ukraine. December CBOT wheat rose by 14¼¢ to $7.48¼ per bushel, while December KC wheat increased by 17¼¢ to $8.19½ per bushel.

John Zanker, senior analyst at Farmer's Keeper Financial, attributed the rally in wheat futures to the latest developments in international negotiations. He noted that the US, Russia, and Ukraine are still trying to reach an agreement, which has led to increased uncertainty in the market.

However, soybean futures were somewhat subdued, with November beans up by just ¼¢ at $13.10 per bushel. Zanker suggested that this may be due to the recent surge in diesel futures, or possibly a sign that the rally is losing traction.