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Wheat Up For Second Session On Poor Condition Of US Winter Crop: Corn Firm

By Donna Ahern
Wheat Up For Second Session On Poor Condition Of US Winter Crop: Corn Firm

Chicago wheat futures gained more ground on Tuesday, with prices supported by the deteriorating condition of the U.S. winter crop and Russia's threat to bypass a UN-brokered grain deal.

Corn rose as wet weather delayed U.S. planting, although forecasts of warm and dry conditions could boost fieldwork in the days ahead.

"Russia warned of risks to the Black Sea grain deal and may quit the safe-transit accord for Ukrainian grain shipments...," commodities research firm Hightower said in a report.

There has been very little rain for the winter wheat crop in Kansas over the past week, it added.

Wheat Contract


The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 0.6% t$6.82-3/4 a bushel, as of 0351 GMT. Corn Cv1 gained 0.2% t$6.55-1/4 a bushel and soybeans Sv1 rose 0.3% to $14.92-1/4 a bushel.

Good-to-excellent ratings for US winter wheat deteriorated to tie the lowest on record for this time of year as dry soil continued to stress the crop in the US Plains, the government said.

The US Department of Agriculture (USDA) in a weekly crop progress report said 27% of winter wheat was in good-to-excellent condition compared to 28% a week ago - tied for the worst on record for early April.

Grain Deal

Russia on Friday threatened to bypass the UN-brokered grain deal unless obstacles to its agricultural exports were removed, while talks in Turkey agreed removing barriers was a necessary condition to extending the agreement beyond next month.


Traders were looking to the release of a monthly global supply and demand report from the USDA later on Tuesday.

The USDA's weekly report also said farmers made scant progress in their corn and spring wheat planting, with cold temperatures and snow cover across key portions of the Midwest limiting the window for fieldwork.

Commodity funds were net sellers of CBOT soybean, soyoil and soymeal futures contracts on Monday, traders said. Funds were net buyers of corn and wheat futures, traders said.

Read More: India Plans To Relax Wheat Procurement Norms To Replenish Stocks

News by Reuters, edited by Donna Ahern, Checkout. For more supply chain stories, click here. Click subscribe to sign up for the Checkout print edition.

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