CBOT wheat rallies as Black Sea de-escalation hopes fade
WEAT•Tender demand and North American crop updates
Algeria's state grains agency OAIC bought about 500,000 metric tons of milling wheat in an international tender, European traders said.
Ahead of a Statistics Canada crop report due on Wednesday, analysts surveyed by Reuters on average expected the agency to estimate Canada's 2026 all-wheat harvest at 36.73 million metric tons.
Meanwhile, rains this month have complicated the Canadian wheat harvest, threatening grain quality, farmers said.
The U.S. Department of Agriculture late Monday said planting of the U.S. winter wheat crop for harvest in 2027 was 8% complete, in line with trade expectations but behind the five-year average of 12%.
The U.S. spring wheat harvest was 93% complete, ahead of the five-year average of 92%.
Wheat futures rebound as Black Sea hopes fade
Chicago Board of Trade wheat futures ended higher on Tuesday, bouncing back from Monday's declines, as hopes of a military de-escalation in the Black Sea grain export region faded amid further attacks on infrastructure, traders said.
- Prices had fallen a day earlier on an announcement by U.S. President Donald Trump that Ukraine and Russia had agreed to halt strikes, though neither side has confirmed such an agreement.
- CBOT December soft red winter wheat WZ26 settled up 6-1/2 cents on Tuesday at $7.28-1/2 per bushel.
- K.C. December hard red winter wheat KWZ26 ended up 3-3/4 cents at $7.96-1/4 a bushel and Minneapolis December spring wheat MWEZ26 rose 12-1/4 cents to finish at $7.48-1/2 a bushel.
