The most liquid wheat futures in Chicago fell in price by 1.6%, they are down for the fourth session in a row. Futures for soybeans and corn are also traded “in the negative”. About it writes Bloomberg.
Grain markets on the Chicago Mercantile Exchange (CBOT) on Monday were closed due to the Memorial Day in the United States. Thus, Tuesday’s market dynamics reflect traders’ first reaction to increased optimism over a potential deal that could end the conflict. Trump said over the weekend that talks with Iran to extend the ceasefire and unblock the Strait of Hormuz are “going well.”
A deal to unblock the strait would help restore the flow of fuel and fertilizer on which farmers critically depend, likely boosting global grain production.
However, the fall in wheat prices slowed after oil prices rose again Tuesday amid reports of new U.S. strikes on Iran, said Joe Davis, director of commodity markets at brokerage Futures International LLC.
