Wheat closes near three-month lows

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




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




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

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