After the statements of Russia about the withdrawal from the “grain deal” at the night trading of the CBOT exchange on October 31, there was an increase in quotations of wheat and corn, ProAgro Group reports with reference to Reuters.
Thus, Chicago wheat futures jumped almost 6% on Monday, and corn rose more than 2% as Russia’s withdrawal from the Black Sea export deal raised concerns about global supplies.
The most active wheat contract on the Chicago Board of Trade (CBOT) rose 5.7% to $8.77 a bushel, the highest since October 14. At the same time, wheat futures reached a record high of $ 13.64 per bushel in March.
In turn, corn rose by 2.6% to $ 6.98 per bushel, and soybeans – by 0.6% to $ 14.09 per bushel.
“This is an inflationary move that supports wheat and corn prices. Prices have risen, but further gains will depend on how the situation unfolds,” commented one Singaporean trader.
