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At the close of this Wednesday (23) on the Chicago Stock Exchange (CBOT), the wheat spot registered a sharp drop of 12.50 points and 1.12%, quoted at US$ cents 1,105.75/bushel; on the Kansas Stock Exchange (KCBT) there was a slight decline of 5.00 points and 0.45%, trading at US$ cents 1,111.50/bushel.
The cereal was pressured by the technical profit-taking movement, as, during the week, it accumulated gains of 3.95% on the CBOT and 3.83% on the KCBT.
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However, the loss was limited by the continuation of the Russian offensive into Ukrainian territory, which reached its 28th day today. The military confrontation involves two major players in the world wheat market – together, Russia and Ukraine are responsible for 30% of the global commercialization of the commodity.
Tomorrow (24), the United States Department of Agriculture (USDA) will release the export sales record for the week ending March 17.
Source: DATA
