Wheat retreats from 1-month high

Economies.com
2019-11-26 22:42PM UTC

Wheat futures fell on Tuesday despite the positive developments in the US-China trade talks, which have a positive effect on demand for commodities.

 

Wheat prices recently draw support from short covering activity and forecasts of rainfall in Europe, while analysts see the bad weather and the potential drought in Russia could hurt wheat crops.

 

Wheat futures closed on Monday at the highest level since Oct.21 (at $5.34 a bushel) after the USDA report showed the quality the wheat crop at 52%.

 

Meanwhile, the US and China seem very close to signing the first phase of the long-awaited trade deal between them.

 

Wheat December futures fell by 0.3% to close at $5.30 a bushel, and hit an intraday high of $5.31 and a low of $5.25.

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