Wheat prices reach highest level in three months

The international wheat market registered a new high on Wednesday, reflecting a repositioning of positions and increased caution regarding climatic and geopolitical factors. According to TF Agroeconômica, the advance was mainly driven by the coverage of positions sold by investment funds and concern over crop conditions. On the Chicago Board of Trade, the March contract for soft red winter wheat rose 2.84%, equivalent to 15.25 cents per bushel, closing at $552.50. The May contract advanced 2.43%, or 13.25 cents per bushel, to $558.50. In Kansas, the hard red winter wheat for March rose 2.88%, with a gain of 15.50 cents per bushel, closing at $554.00. In Minneapolis, the March hard red spring wheat advanced 1.27%, or 7.25 cents per bushel, to $577.50. In Europe, the March milling wheat contract on Euronext in Paris rose 0.92%, with an increase of 1.75 euros, quoted at 192.25 euros per ton. Closings were also recorded on the exchanges in Argentina, London, and Australia. According ...