SINGAPORE- Chicago wheat futures rose on Tuesday as a decline in US winter crop conditions heightened concerns over global supplies, which have already been hit by Russia’s invasion of Ukraine.
Corn rose for a second straight session as a slow start to US planting underpinned prices.
“US HRW (Hard Red Winter) wheat crops are nearing a point where forecasts will be downgraded,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.
“Weekend rainfall, forecast and realized, was not enough to make a difference to the outlook for troubled crops. The USDA’s crop conditions report again shows that crops in the problem region are in poor condition.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 1.2 percent to $10.85-3/4 a bushel. Corn gained 0.4 percent to $8.01-1/2 a bushel, while soybeans were largely unchanged at $16.75 a bushel.
