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At 1:39 pm (Brasília time) this Friday (8), the wheat spot on the Chicago Stock Exchange (CBOT) showed a significant increase of 26.00 points and 2.55%, traded at US$ cents 1,046.00/bushel; on the Kansas Stock Exchange (KCBT) it rose 23.50 points and 2.19%, quoted at US$ cents 1,094.25/bushel.
During the week, the cereal accumulated gains of 6.25% and 8.02% in Chicago and Kansas City, respectively.
Support for the continuation of the war in Eastern Europe, which is approaching its 45th day with no prospect of a ceasefire in the short term. The confrontation involves two major players in the global wheat market – together, Russia and Ukraine are responsible for 30% of grain sales.
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Furthermore, the supply and demand report, released recently by the United States Department of Agriculture (USDA), reduced the estimate for global stocks for the 2021/22 harvest to 278.42 million tons, compared to the previous projection of 281. 51 million t.
On the other hand, the appreciation was limited by the increase in the USDA's forecast for global wheat production to 778.83 million tons, compared to the previous estimate of 778.52 million tons.
In addition, the agency raised its forecast for US stocks from 17.77 million tons to 18.45 million tons.
Source: DATA
