At 9:45 am (Brasilia time) this Monday (13), the May wheat contract traded on Chicago Board of Trade (CBOT) It was trading sharply higher, up 11.25 points and 1.97%, quoted at US$ cents 582.25/bushel. Kansas City Bank Exchange (KCBT)The grain advanced 14.50 points and 2.45%, to US$ cents 605.25/bushel. In the last trading session (10), the cereal futures closed in opposite directions with a drop of 0.61% in CBOT and upward bias (+0.04%) in KCBT, quoted at 571.00/bushel and 590.75/bushel, respectively. On the other hand, both assets closed the week with accumulated losses of 4.55% and 4.06%, respectively. This morning, cereal prices were driven by announcement of blocking Strait of Hormuz on the part of Navy of the United Statesafter the failure of diplomatic negotiations between the United States and the Iran in Islamabadno PakistanIn addition to investors’ fears about the escalation of geopolitical tensions, the rise in oil prices also benefited agricultural commodities of the USAThe blocking of the maritime route, for vessels leaving or attempting to enter the IranIt should start at 11:00 AM (Brasilia time). Concerns about the conditions Adverse weather conditions in US crops also contributing to the positive bias. According to National Meteorological Service of the countryRed flag alerts have been issued for several states in the American plains.
Strong gusts of wind, low humidity of air and high temperatures have been recorded since the center of South Dakota to the northwest of TexasThe agency warns of the risk of new forest fires in planting areas of winter wheat.
This text was translated by machine from Brazilian Portuguese.