As a result of trading on December 4 on the CBOT exchange, wheat futures from the United States under the most active contract reached a maximum since the end of August this year and rose by more than 3% compared to the previous trading day, amounting to $218.8 per ton.
The prices were supported by the reports of the sale of 440 thousand tonnes of SRW wheat from the US to China, the largest volume since 2020. According to the market operators, the fact that China started buying US wheat instead of Black Sea wheat indicates that the global market is beginning to see the stabilization of grain prices.
In addition, last week’s difficult weather conditions in the Black Sea ports hindered active shipments and increased demand for Western European wheat, particularly from Morocco. In this regard, the quotations of European wheat on Euronext increased to 223.75 (+0.75) euros/t.
Source: Apkinform