Wheat closes higher on optimism about US exports

Economies.com
2020-03-27 21:40PM UTC

Wheat futures advanced on Friday, on growing hopes over US exports of agricultural commodities, after Russia imposed restrictions on its wheat exports due to the coronavirus outbreak, which indicate a drop in global supply.

 

Russian wheat shipments fell recently, which sparked concerns over the government restrictions on its exports.

 

Wheat prices drew support from the coronavirus outbreak, as many countries that were hit by the virus, rushed to store wheat due to mounted fears over the pandemic.

 

The coronavirus has infected more than 550,000 cases worldwide, led by the US with more than 100,000 cases.

 

Wheat May futures rose 0.6% to close at $5.71 per bushel, after earlier hitting a high of $5.87 and a low of $5.63.

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