Wheat Prices Soar Amid Global Supply Concerns

The wheat complex has extended its rally into Tuesday, with Chicago SRW contracts up 4 ¼ to 9 3/4 cents on the day. This follows a strong start to September, where KC HRW futures were 1 ½ to 7 ¼ cents higher at the close.

In related news, Russia has attacked Ukrainian export infrastructure in Odesa early Tuesday morning, which may impact global wheat supplies and prices.

The US spring wheat crop is progressing ahead of schedule, with 77% harvested by Sunday, 9% above normal. Meanwhile, EU soft wheat exports have totaled 4.16 MMT as of August 30 since July 1, down just 0.16 MMT from last year.

The CBOT Wheat contract closed at $7.64 on September 26, up 7 1/2 cents, while the KCBT Wheat contract closed at $8.25 3/4, up 5 1/2 cents.