Wheat Prices Rise Amid Ukraine-Russia Conflict Developments
The wheat complex is experiencing gains on Tuesday, with contracts increasing across three exchanges. The Chicago SRW contracts are posting 2 to 4 cent gains, while KC HRW futures are 1 to 2 ¼ cents higher. Meanwhile, MPLS spring wheat is 7 to 8 ¼ cents higher at midday.
The recent developments in the Ukraine-Russia conflict may be contributing to these price movements. President Trump's call for Ukraine to halt attacking Russian energy infrastructure has been met with a reportedly open response from the Kremlin. In turn, Ukraine agreed to cease attacks if Russia agrees to do the same.
In other news, the weekly NASS Crop Progress report showed that 93% of the US spring wheat crop has been harvested by Sunday, which is 1% ahead of the normal pace. However, the winter wheat crop was lagging behind the five-year average for planting pace, with only 8% complete.
Looking at global production estimates, French wheat output for 2026 is expected to be 31.7 MMT, down 0.2 MMT from last month's forecast. Additionally, an Algeria tender was set for Tuesday, with nearly 500,000 MT of wheat up for purchase.