CBOT: the wheat futures faced the appreciation due to the political tense in Odessa
According to the market operators, the July features of wheat faced the significant bullish trend on CBOT. The main factors of the stated rise were the events in Ukraine. Thus, the Commodity Risk Management Consultant in the Eastern Europe INTL FCStone, Matt Ammermann stated, the tragic events in Odessa which happened on May 2, 2014 and the unstable situation in all the South-Eastern region of Ukraine had the major impact on quotes' rise.
At the same time, there was the negative influence of the sustainable drought in the US winter wheatbelt. Thus, despite the rainfall forecast for the beginning of May, 2014, there was no precipitation in the stated region at all. At the same time, the synoptics forecast the drought continue till the end of the current week. Note, the stated issue can influence on the US winter wheat seedlings' condition and cause the grain general production decrease.
Note, according to the trading results of Friday May 2, 2014 the US wheat July futures on CBOT reached 263 USD/tonne. At the same time, the new trades on May 5, 2014 faced the futures rise to the level of 265.63 USD/tonne and continued the bullish trend. Note, the wheat quotes finished the trading session at the level of 267,63 USD/tonne, which is the highest result in a year.
You should be authorized to post comment
Ukraine plans to double grain exports by 2020 – O.Pavlenko
January 23, 12:40
OECD to support Ukraine in the agricultural sector
January 23, 11:50
Ukraine lost nearly 1.5 mln tonnes of grains in the Crimea and eastern oblasts – O.Pavlenko
January 23, 09:40
Ukraine: in the second half of 2014/15 MY Nibulon to export 1.5 mln tonnes of maize
January 22, 14:00
Ukraine: potential of grain river transportation totals 10 mln tonnes per year – CTS
January 22, 13:40
In 2014/15 MY Ukraine to produce 63.8 mln tonnes of grains - Ministry of Economic Development
January 22, 10:44