Wheat gives up yesterday gains and ends lower for first time in five sessions

2023-03-30 20:10PM UTC

Agricultural commodities fell at the Chicago Exchange for the first time in five sessions but losses were contained due to concerns about Russian supplies, with the the global grains trading company Cargill saying it won't deal with Russian grains at its own export station. 


Cargill said on Wednesday it'll take another step to back off the Russian market by quitting operations with the largest wheat supplier at its own export station starting July. 


Russian exports could be hampered as well if Moscow recommended a temporary cut in grain exports as some Russian media alluded. 


However, Reuters sources said Russia doesn't plan to stop wheat exports but will ask exporters to raise prices for the farmers to cover production costs. 


Conversely, Ukrainian official data showed Ukrainian grain exports rose to 5.1 million tones in March compared to 1.4 million tones in March 2022. 


And some analysts said Brazil is ready to supply nearly half the soybeans that Argentina will import after undergoing the worst drought in 100 years, which destroyed its fields and cut 2023 output by half. 





Corn futures due in May fell 0.1% to $6.49 a bushel. 




Soybean futures due in May fell 0.2% to $14.74 a bushel. 




Wheat futures due in May fell 1.9% to $6.92 a bushel. 

Commodities News

Oil News


Oil prices try to recover from six-month trough
2023-12-07 13:55PM UTC
Global oil prices rose on Thursday for the first time in six days away from six-month lows as the ...
Gold News


Gold keeps rising as dollar loses steam
2023-12-07 08:26AM UTC
Gold prices rose in European trade on Thursday for another session as the dollar slowed down ...
Steel News


Nickel climbs as dollar loses ground while markets assess Chinese data
2023-12-06 15:29PM UTC
Nickel prices rose on Wednesday as the dollar loses ground against major rivals while markets ...

Commodities Technical Analysis

Technical Analysis


Wheat price breaches the resistance – Analysis - 08-12-2023
2023-12-08 04:41AM UTC
Wheat price bounced upwards clearly yesterday to breach 639.30 and close the daily candlestick ...
Technical Analysis


Sugar price presses on the support – Analysis - 08-12-2023
2023-12-08 04:40AM UTC
Sugar price continues to fluctuate near 22.60 level and presses negatively on it, to keep the ...
Technical Analysis


Soybean price attempts positively – Analysis - 08-12-2023
2023-12-08 04:40AM UTC
Soybean price surpassed 1311.70 level strongly to approach the EMA50, hinting heading to build ...