Wheat closes higher ahead of USDA report

Economies.com
2020-01-23 22:24PM UTC

Wheat prices soared on Thursday, as demand for agricultural commodities rounded ahead of the US Department of Agriculture's exports report.

 

Last week, the USDA revealed that the US wheat exports reached 435.129 thousand tonnes, which came in line with forecasts of between 400 thousand and 600 thousand.

 

Wheat drew support from a slowdown in harvesting agricultural crops in South America, especially Brazil and Argentina, which will delay the abundance of the market supply.

 

Wheat prices jumped to the highest since August 2018 at $5.92 a bushel earlier this week, but later retreated.

 

Wheat March futures gained 0.4% to close at $5.80 a bushel, after hitting a day high of $5.83, and a low of $5.7.

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