Wheat Prices Bounce Back on Diplomatic News, Strong Harvest Reports

The wheat complex experienced higher trading on Tuesday, rebounding from early losses. Chicago SRW contracts rose by 3 ¾ to 8 ¾ cents across the board.

Kansas City HRW futures were also in the green, increasing by 3 ½ to 7 ¾ cents at the close.

However, Minneapolis spring wheat contracts showed mixed results, with some falling and others rising by a quarter cent.

The price movements come after Ukraine's President Zelensky stated that there will be a diplomatic track with Russia in regard to the Black Sea attack.

This week's NASS Crop Progress report revealed that 62% of US spring wheat was harvested by Sunday, which is 10% ahead of the normal pace and a significant jump from last week's numbers.