News

US: Fearing the deterioration of the situation in Ukraine, wheat is becoming more expensive

Wheat
Maize (Corn)
Soybean
Canola Seed & Rapeseed
United States
Published Sep 22, 2022

Tridge summary

On Wednesday, you could see minuses overseas, while in Europe you could definitely see pluses on the crop markets. In Chicago, wheat went up by 1 percent, but corn by 0.9 percent, soybeans by 1.2 percent, and canola by 0.1 percent. In Europe, the courses of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, also closed in the red.

Original content

U.S. wheat futures rose to their highest in more than two months on Wednesday on fears of an escalation in the war in Ukraine, which has disrupted crucial Black Sea grain exports. Meanwhile, however, fears of a global recession weighed on the market in the broader commodities sector, reducing gains. The futures prices of corn and soybeans turned lower, the price of crude oil fluctuated, while the dollar jumped compared to expectations that the US central bank could announce a significant interest rate hike. A stronger dollar tends to reduce the global competitiveness of US grains. Grain and soybean futures rose in early trade after Russian President Vladimir Putin ordered mobilization over the situation in Ukraine and backed plans to annex parts of Ukraine, suggesting he was ready to use nuclear weapons. "Geopolitical tensions have returned to the Black Sea basin, and Putin's comments have led to fears of a further escalation of the conflict, resulting in risk premiums once again ...
Source: AgroForum
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