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The price of wheat in US fell to a twenty-month low

Updated Mar 23, 2023
Basically, the downward trend in prices on the produce markets persists. In Chicago, wheat became cheaper by 2.8 percent, soybeans by 1.2 percent, and canola by 1.3 percent. The 0.5 percent increase in the price of corn was an exception. In Europe, the rates of all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. Futures prices on the Chicago grain market fell on Wednesday, wheat hit a 20-month low due to the continuation of the wartime Black Sea export agreement, and this crop has not been this cheap since July 2021. Markets were cautious ahead of a policy decision by the Federal Reserve, which plays the role of the US central bank. The future was also weighed down by timely rains in France and other parts of Western Europe, which eased concerns about drought in the wheat crop. The United States Department of Agriculture (USDA) reported 178,000 tons of corn exports to China.
Traders said much of the market's attention was focused on the US Federal Reserve's interest rate decision on Wednesday, amid turmoil in the banking sector. The Fed continues to try to stabilize battered bank stock prices. Markets are in a risk-free mood ahead of the Fed said Tom Dosdall, a commodity broker at Daniels Trading. In line with market expectations, the Fed raised the key dollar interest rate by 25 basis points, from 4.75 percent to 5.00 percent. On Saturday, the Black Sea grain deal was renewed, allowing the safe export of grain from Ukrainian and Russian Black Sea ports. Investors showed no immediate concern over the prospect of a sharp decline in Ukraine's 2023 grain harvest or signs of late weather damage to the Indian crop. Traders also priced in delayed data on Chicago futures positions, which showed that large speculators increased their net short positions in corn. In Europe, mill wheat went down by 5.5 euros to 248 euros, corn also went down to 244.75 euros ...
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