Wheat closes lower despite Russian ban

Economies.com
2021-01-06 21:46PM UTC

Wheat prices fell on Wednesday, as the US dollar held steadily against most major currencies, despite the workers' strike in Argentina and the Russian ban on exports.

 

The Russian government announced a ban on exports of some agricultural goods and grains, including wheat, between January and June of this year, to reduce prices in the domestic market.

 

Negotiations between government officials and the trade union in Argentina are continuing to end the strike that is now taking almost a month and impacting Argentine exports.

 

However, there have been rain in some areas in Argentina and Brazil, while analysts expect a forthcoming dry weather.

 

The dollar index held against a basket of major currencies at 89.4 points as of 21:35 GMT, after hitting a high of 89.8 points and a low of 89.2 points.

 

Wheat March futures fell 1% to $6.47 a bushel, after hitting a day high of $6.60 and a low of $6.46.

Commodities News

Gold News

Commodities

Gold falls over 1% and marks weekly losses
2024-06-21 20:25PM UTC
Gold prices fell on Friday as the dollar gained ground against most major rivals, with the precious ...
Palladium News

Commodities

Palladium climbs to three-week high
2024-06-21 15:43PM UTC
Palladium prices rose on Friday with a 3% surge, hitting three-week highs and becoming the best ...
Oil News

Commodities

Oil approaches second weekly profits as demand improves
2024-06-21 14:52PM UTC
Oil futures were mostly flat on Friday but headed for the second weekly profit in a row amid signs ...

Commodities Technical Analysis

Oil Analysis

Commodities

End of day crude oil price forecast update - 21-06-2024
2024-06-21 17:17PM UTC
Crude oil price shows more bearish bias to head towards testing the bullish channel’s support ...
Silver Analysis

Commodities

End of day silver price forecast update - 21-06-2024
2024-06-21 17:16PM UTC
Silver price broke 30.06$ level clearly and heads toward achieving more expected decline in the ...
Brent oil Analysis

Commodities

Brent oil price forecast update 21-06-2024
2024-06-21 09:19AM UTC
Brent Oil Price Analysis Expected Scenario Brent oil price shows slight bearish bias now, ...