On March 3 wheat futures on the world markets sharply increased
According to the market operators, the trading sessions of March 3, 2014, on the world markets were characterized by a sharp rise of wheat prices.
The futures for Black Sea wheat on the CBOT began the new week with a sharp rise of prices. The complication of the political situation in Ukraine, which may affect the export activity and the future harvest of grains in the country, became the main reason for such trend development. In addition, the possible sanctions that the USA may impose on Russia, will have an impact on the export potential of Russian wheat, which also contributed to formation of the reporting trend.
According to the results of the session on March 3, US wheat futures on CBOT rose by 6.2 USD/t - to 220.1 USD/t. In turn, the strengthening of the USD rates limited the further development of the bullish trend.
At the same time, the European wheat market also showed the active development of the bullish trend. According to the market operators, overcoming of the psychological barrier of 200 EUR/t contributed to forming of the reporting prices. The foreign market also provided support to the European wheat futures. Thus, the EUR/USD exchange rates fell, while the price quotations for petroleum products rose.
The MATIF wheat futures reached 208.5 EUR/t, up 7.25 EUR/t per session.
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