Key Moments
- Chicago Board of Trade wheat futures were projected to open 8 to 11 cents per bushel lower on Tuesday.
- Comments from President Trump on a potential halt to strikes on Russian and Ukrainian energy facilities eased some supply risk concerns.
- U.S. winter wheat planting lagged the five-year average, while spring wheat harvesting slightly outpaced typical progress.
Market Overview
Wheat futures at the Chicago Board of Trade were poised to start Tuesday’s session under pressure, with contracts indicated 8 to 11 cents per bushel lower. A firmer U.S. dollar, together with renewed diplomatic developments involving Russia and Ukraine, weighed on price sentiment.
Geopolitical Developments Shape Trade
President Trump said on Monday that Russia and Ukraine had reached an agreement to stop attacks on each other’s energy infrastructure. The announcement boosted expectations for some easing of tensions in the conflict, although both countries have attached conditions to any energy-related ceasefire. The ongoing war has disrupted grain shipments from the Black Sea region, a key origin for global wheat exports.
U.S. Wheat Crop Progress
Data from the U.S. Department of Agriculture on Monday showed that 8% of the U.S. winter wheat crop had been planted as of September 13, trailing the five-year average of 12%. In contrast, harvest activity for spring wheat was slightly ahead of normal, with 93% of the crop harvested as of Sunday compared with the average pace of 92%.
Futures Pricing Snapshot
Major U.S. wheat contracts were trading lower in the latest session, reflecting the cautious tone across the market.
| Contract | Exchange | Delivery Month | Last Price Move | Last Reported Price (per bushel) |
|---|---|---|---|---|
| Soft Red Winter Wheat | CBOT | December | Down 9-1/2 cents | $7.12-1/2 |
| Hard Red Winter Wheat | K.C. | December | Down 12-3/4 cents | $7.79-3/4 |
| Spring Wheat | Minneapolis | December | Down 5-1/4 cents | $7.31 |
Trading Schedule
Trading at the Chicago Board of Trade was scheduled to resume at 8:30 a.m. CDT.
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