Wheat Markets See Broad-Based Gains on Tuesday
The wheat market saw gains on Tuesday across major exchanges in Chicago and Kansas City. The strength was broad-based, with contracts for spring wheat rising between 5 ¼ to 8 ½ cents higher. Hard Red Winter Wheat futures at the Kansas City Board of Trade also gained ground, closing up 2 ¾ to 6 ¼ cents per contract.
The Minneapolis Grain Exchange saw its spring wheat contracts rise by as much as 12 1/4 cents at the close. This increase in prices may be partly due to recent tensions between Ukraine and Russia, which had previously discussed halting attacks on energy infrastructure.
Additionally, France's farm ministry has downgraded its estimate for French wheat production in 2026 by 0.2 MMT to 31.7 MMT. This comes as Algeria issued a tender for nearly 500,000 MT of wheat on Tuesday.