The futures contracts wheat From United States rallied on Wednesday, rebounding after a sharp drop the day before, with investors covering short positions in the face of a Russian attack on a port in Ukraine which renewed fears about supply shortages, traders say.
“The wheat was high today… after the Russia unleashed a missile attack damaging at least two export“, said broker ED&F Man Capital in a note to clients.
The futures contracts Soy fell for the seventh time in eight sessions, reaching their lowest level in more than a month, with a sharp drop in the Petroleum weighing on prices.
Corn has been without a common direction, with old-crop contracts rising on short covers, while good weather forecasts for pollination in the USA in early July put pressure on the previous month’s contracts.
“It’s all about the weather right now,” said Greg Grow, director of agribusiness at Archer Financial Services. “We had a climate premium in the market on Friday. The market turned when the weather forecast started to look more favorable.”
On the Chicago Stock Exchange, red soft winter wheat closed up 0.75 cents on dollar (USDBLR) to $9.7650.
O corn for July was up 7.25 cents to $7.68 a bushel and December corn was down 7.75 cents to $6.9375.
July soybeans fell 28.50 cents at $16.5275 a bushel, touching their lowest since May 18.
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