19.
10.20
05:24

Fears about the supply of wheat continue to drive the rally

Fears about the global supply of wheat are driving the prices of the CBoT wheat futures higher and higher. Chicago prices are up more than 1% this morning.
Even today, meteorologists have no reports of rain in the much too dry wheat growing regions in the USA and the Black Sea region. That is why the stock market prices continue to rise. This rally probably has even more potential once the harvest forecasts in the USA, Russia and Ukraine are cut. That is what market analyst Tobin Gorey from the Commonwealth Bank of Australia wrote this morning.
Last week, reports from Argentina also contributed to the price increase. There, the harvest forecast has been lowered from 18 million tons to the current 17 million tons. At the beginning of the growing season there, 21 million tons were assumed.

Source
Hansa Terminhandel GmbH
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