Wheat closes near three-month lows

Economies.com
2022-11-28 21:27PM UTC

Agricultural commodities were mostly mixed on Monday as markets assess developments in China.

 

Wheat futures hit three-month lows amid a stream of cheap supplies from Russia and other countries through the Black Sea.

 

Both Ukrainian and Russian authorities announced that Egypt, the world's largest wheat importer, bought large amounts of wheat from both countries.

 

Many protests erupted across Chinese cities as authorities impose new restrictions in Covid 19 hot spots.

 

Health authorities reported tens of thousands of new infections in China, leading to renewed shutdowns in multiple cities including Shanghai.

 

China is the world's largest importer and consumer of industrial metals and commodities, and due to restrictions, its economy is expected to suffer.

 

Wheat

 

Wheat futures due in March fell 2.1% to $7.80 a bushel. 

 

Soybeans 

 

Soybean futures due in January rose 1.4% to $14.57 a bushel. 

 

Corn

 

Corn futures due in March stabilized at $6.71 a bushel. 

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 ...
Gold Analysis

Commodities

End of day gold price forecast update - 21-06-2024
2024-06-21 17:16PM UTC
Gold price faces clear negative pressure, as it broke 2340.10$ level and closed the last four ...