Chicago | Reuters — Chicago wheat climbed on Tuesday as worse-than-expected U.S. crop conditions added to global supply concerns already heightened by Russia’s invasion of Ukraine.
Corn and soybeans were also higher, bolstered as U.S. growers weigh last-minute planting decisions.
The most active wheat contract on the Chicago Board of Trade (CBOT) ended 35 cents higher at $10.45-1/4 a bushel (all figures US$).
CBOT soybeans firmed 28-3/4 cents to $16.31 a bushel, while CBOT corn gained 9-1/4 cents to $7.59-3/4 a bushel.
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The U.S. Department of Agriculture on Monday afternoon rated just 30 per cent of the U.S. winter wheat crop good to excellent, 10 points below analysts expectations, highlighting drought risks for many U.S. growers.
“More and more, they’re going to be depending on wheat from the U.S. because of conditions in Ukraine and the Black Sea,” said Joe Davis, director of commodity sales at Futures International.
U.S. wheat conditions add to ongoing supply concerns from the Black Sea region, as Western countries consider further sanctions on Russia amid outrage over civilian deaths in Ukraine, underscoring the risk of a lasting conflict that could disrupt shipments well into next season.
Russia and Ukraine also supply about 20 per cent of global corn exports, adding to worries about availability as farmers in the United States cut back on corn plantings due to high fertilizer costs.
CBOT’s most-active soybean contract climbed above its 50-day moving average, a key technical support point it fell below last week after USDA reported higher-than-expected U.S. soybean acres. But global soybean carryout remains uncertain, according to Don Roose, president of U.S. Commodities.
“You already have an issue with South American soybean production, so we need to get 89 or 90 million acres here to feel comfortable,” he said. “If we lose acres to corn, what does the balance table look like?”
— Reporting for Reuters by Christopher Walljasper in Chicago; additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila.
