US: Traders send wheat prices spiking as allied tanks, aid to roll into Ukraine
Wheat
United States
Published Feb 2, 2023
Tridge summary
After four straight weeks of losses, wheat hits near one-month high Wheat’s peak comes on news that U.S. and German tanks are to roll into Ukraine If the upside stays, wheat’s extended rally could begin at $8 and run to $9.50 After four weeks in the red, wheat prices have hit their highest in almost […]
Original content
After four weeks in the red, wheat prices have hit their highest in almost a month as grain traders react to the news that U.S. and German tanks were to roll into Ukraine amid bigger reinforcements planned by Washington to assist President Volodymyr Zelenskyy’s army against Russia’s invasion. The front-month wheat contract on the CBOT, or Chicago Board of Trade, peaked at $7.666 a bushel in Tuesday’s session as trading concluded for January. The last time a benchmark U.S. wheat contract was higher was on Jan. 4, when it reached 7.805 per bushel. CBOT Wheat Daily Chart Charts by SKCharting.com, with data powered by Investing.com The upshot for wheat follows weekly losses since Jan. 7 in a market that has slid to almost pre-Ukraine war pricing over the past year. The grain’s near one-month high coincides with news on Wednesday that U.S. President Joe Biden and German Chancellor Olaf Scholz will send contingents of tanks to Ukraine. While the effectiveness of the German Leopard 2 and ...
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