COM - Wheat prices extend rally as focus turns to U.S. spring planting

Chicago wheat futures continued to climb on Tuesday, even after India said it would allow some overseas wheat shipments awaiting customs clearance, as traders turned their attention to U.S. weather and planting for spring wheat that remains well below normal. Wheat for July delivery (W_1:COM) settled +2.4% to $12.77 1/2 per bushel, while July soybeans (S_1:COM) closed +1.3% to $16.78 per bushel and July corn (C_1:COM) ended -1.1% to $8.00 3/4 per bushel. ETFs: (NYSEARCA:WEAT), (SOYB), (CORN) Wheat received support from a U.S. Department of Agriculture report late Monday that indicated worsening conditions of the U.S. winter wheat crop, adding to concerns about supply in an already tight market. The USDA rated 27% of the U.S. winter wheat crop in good to excellent condition, down two percentage points from the previous week and below analyst estimates, while spring wheat was 39% planted, below expectations of 43% and the five-year average

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Wheat prices extend rally as focus turns to U.S. spring planting