IDAHO WHEAT COMMISSION

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Wheat rallies on U.S. crop concerns

Chicago wheat futures rebounded on Tuesday as the worst U.S. winter crop rating since 1989 put attention back on global supply already strained by the war in Ukraine. Corn rose for a second straight session as a slow start to U.S. planting and strong export demand underpinned prices. "U.S. 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. The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 2.2% to $10.96-1/4 a bushel by 1101 GMT. The contract had fallen to its lowest in over two weeks on Monday, as sluggish U.S. wheat exports and investor concerns about economic growth weighed on prices.