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.
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