Wheat jumps to highest level since December 2014

Economies.com
2020-10-19 21:10PM UTC

Wheat prices rose on Monday, to hit the highest level in almost 6 years, amid concerns about dry weather conditions in a number of countries around the world.

 

On the other hand, several parts of Russia saw heavy rain during the last weekend, which supports the quality and abundance of crops there.

 

Wheat future contracts were lifted by strong demand from many countries in attempts to secure their needs in preparation to a potential lockdown due to the second wave of coronavirus.

 

The dollar index fell against a basket of currencies by 0.3% to 93.3 as of 22:00 GMT, after hitting a high of 93.7 and a low of 93.2.

 

Wheat December futures rose 0.3% to close at $6.27 per bushel, after hitting a day high and the highest level since December 2014 at $6.36 and the low of $6.20.

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