Wheat prices in Chicago are rising again

Chicago wheat futures prices rose today due to strong demand, though global economic concerns related to rising COVID-19 infections helped cap profits.
The most active wheat futures contract on the CBoT climbs 0.25% to $ 6.05-1 / 4 a bushel and has been firmer for four weeks.
However, the market has lost some of its upward momentum after rising to a 6-year high of $ 6.38-1 / 4 last week on drought concerns in key producing regions of the northern hemisphere.
The much needed rain in some areas has resulted in a sell-off in the past few days.
"You'd think that optimism about the wheat harvest in 2021 would persist, despite the renewed escalation of the global Covid-19 epidemic among traders, increasingly concerned about a possible decline in demand for industry, food and feed," said Jonathan Lane , Head of Grain Trade at ADM Agriculture Ltd, in an interview.
The U.S. Department of Agriculture (USDA) announced that weekly U.S. wheat export sales were 803.200 tons and thus exceeded the market forecasts for 200,000 tons to 700,000 tons.
The wheat prices on the Paris-based Euronext BL2Z0 today initially fell by 0.2% to 204.50 euros per ton, where they are currently trading at 205.50.
"Demand for soybeans, corn and wheat has been pretty good across the board," said a Singapore-based grain dealer. "Importers who started the rally are buying physical goods in anticipation of further price increases."
The most active CBOT soybean contract Sv1 rose 0.86% to $ 10.59-1 / 2 per bushel and was on the way up for the fifth consecutive year.

Hansa Terminhandel GmbH
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