Chicago wheat futures rose for a fourth straight session on Tuesday, supported by brisk U.S. export demand and a hike in Russia’s export duty.

As of 0336 GMT, the most active wheat contract on the Chicago Board of Trade climbed 0.29% to $5.27 per bushel.

Competitive pricing from U.S. suppliers and delays in shipments from the Black Sea have prompted Asian flour millers to ramped up imports of U.S. wheat in recent weeks, according to grain traders.

On Monday, the United States Department of Agriculture (USDA) reported export inspections of U.S. wheat in the latest week at 755,073 metric tons, well above trade estimates.

News that Russia, the world’s largest wheat exporter, will nearly triple its wheat export duty from September 17 also underpinned the market.

Corn gained 0.18% to $4.24 a bushel, while soybeans added 0.02% to $10.43 per bushel, supported in part by weaker crop ratings as early harvesting advanced.

Markets are eyeing a call between U.S. President Donald Trump and Chinese President Xi Jinping scheduled for Friday.

China, the world’s top soy buyer, has so far avoided U.S. supplies for the 2025/26 crop year.

“The market at the moment is flat, with most traders happy to sit on the sidelines as the US harvest ramps up and US-China talks may yield a deal,” said Ole Houe, director of advisory services at IKON Commodities in Sydney.

“Over the next few days, we will most likely be moving sideways and if no deal emerges, we will revisit the recent lows.”

Agriculture Secretary Brooke Rollins said on Monday the USDA is working with Congress to evaluate whether economic aid might be needed for the nation’s farmers this autumn.
Source: Reuters