Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Wheat Climbs After Five-Day Slump With Rising Supply in Focus

Published 07/18/2022, 01:20 AM
Updated 07/18/2022, 02:36 AM
© Reuters.  Wheat Climbs After Five-Day Slump With Rising Supply in Focus

(Bloomberg) -- Wheat snapped a run of declines with investors assessing a broader rise in commodities against the outlook for increasing supply. 

Futures climbed as much as 2.5% in Chicago after a five-day slump last week, which eroded gains following Russia’s invasion of Ukraine. Data show Crimea is shipping 50 times the normal volume of food for this time of year, likely signaling that stolen Ukraine grains are moving on to importing countries. 

Agricultural markets have also been mired in the downturn gripping commodities, as fears mount about slowing economic growth. A surging dollar hasn’t helped either, and a slight weakening of the greenback on Monday is boosting risk assets including raw materials.

Wheat harvests are also rolling in across the US and Europe, boosting near-term supplies. The grain is one of the world’s major staples and its price decline could help tame the run-up in food inflation.

Corn and Soybeans also gained in Chicago. Traders are watching hot weather in Europe and US that increases the risks for production. 



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.