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Market makes profit and wheat falls sharply on CBOT this wednesday

Posted by Rafael Moro

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Image: Pixabay

At the close of this Wednesday (23) at the Chicago Stock Exchange (CBOT), the wheat spot recorded a strong drop of 12.50 points and 1.12%, quoted at US$ 1,105.75/bushel cents; on the Kansas Stock Exchange (KCBT) it showed a slight decrease of 5.00 points and 0.45%, trading at US$ 1,111.50 cents/bushel.

The cereal was pressured by the technical movement of profit taking, since, in the week, it accumulates gain of 3.95% in CBOT and 3.83% in KCBT.

However, the casualty was limited by the continuation of the Russian offensive to Ukrainian territory, which reached its 28th day today. The war involves two major players in the world wheat market – together, Russia and Ukraine are responsible for 30% of the global trade of the commodity.

Tomorrow (24), the United States Department of Agriculture (USDA) will release the export sales record for the week ended March 17.