The futures of wheat fell sharply this Wednesday, May 24, due to a round of profit-taking, as traders said the market lacked fundamental inputs to drive prices higher a day after a rally from the renewed concerns over a Black Sea deal.
On the other hand, the futures of the corn They held firm for the second day in a row, with the market supported by signs of strength in the cash market and growing concerns about dry conditions in the US Midwest. the market of soy He also scores kills.
Wheat falls 2.9% to $484.73 per ton and soybeans fall 0.3% to $484.73. While, corn grows 1.1% to u$s229.91.
Wheat futures rose 2.6% on Monday, but abundant supply in Russia – underscored by falling prices, an expected revision to its export tax and favorable crop prospects – continued to constrain wheat prices. , according to the operators.
“There has been no demand”said Scott Harms, agricultural risk specialist at Archer Financial Services.
“We just don’t have a home for American wheat”he pointed.
On Tuesday, Ukraine accused Russia of excluding the Ukrainian port of Pivdennyi from a deal allowing the safe export of food and fertilizer to the Black Sea from the Ukrainian ports of Odessa, Chornomorsk and Pivdennyi.
Russia complained that it was unable to export ammonia through a pipeline to Pivdennyi.
In China, a surplus of cheap wheat is holding back consumption of corn and soybean meal, according to feed manufacturers and analysts.
How much does oil operate?
The Oil prices rise for the third day in a row this Wednesday, May 24, in a context in which the main international stock markets registered negative results in their main assets.
The crude Brent rises 1.5% to $78.00 a barrel, and US West Texas Intermediate (WTI) improves 1.5% to $73.98.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
