At 10:48 am (Brasilia time) this Wednesday (6), the July wheat contract traded on Chicago Board of Trade (CBOT) It recorded a significant drop of 17.50 points and 2.79%, quoted at US$ cents 610.25/bushel. Kansas City Bank Exchange (KCBT)The same month's contract fell 13.75 points and 1.99%, to US$ cents 676.25/bushel. For the week so far, the assets have accumulated losses of 4.31% and 2.63%, respectively. On the previous day (5), the wheat contract fell 2.07% in CBOT, at US$ cents 627.75/bushel. Already in KCBTThe cereal registered a 3.23% increase, reaching US$ 690.00 cents/bushel. This morning, prices were pressured by the general bearish sentiment in the US grain market, driven by the significant devaluation of oil in the international market, following news of a possible truce between the United States and Iran in the Middle East. A Pakistani source involved in peace efforts told Reuters that the White House and Tehran are close to finalizing a memorandum to end the conflict in the region, confirming information initially released by the American media outlet Axios. Regarding the situation in the US Plains, the area that concentrates American wheat crops, the US Department of Agriculture (USDA) reported that snow covers areas adjacent to the central Rocky Mountains, with Denver, Colorado, having received 9.4 cm of snow by midnight. “Widespread frosts occurred this morning across approximately the northwestern half of the plains, raising concerns about further damage to winter wheat that has already reached the stem elongation stage or beyond. Minimum temperatures generally ranged from -7 to -4 °C across much of Montana, eastern Wyoming, and the western Dakotas,” the document reported. According to the USDAAbout 31% of the US winter wheat crop was in good or excellent condition as of Sunday (3), one percentage point higher than the previous week. In addition, 22% of Kansas wheat received top ratings at the start of the week, as did 16% of Oklahoma's crop. About 70% of the wheat, both in Kansas and Oklahoma, had already germinated by the time.
This text was translated by machine from Brazilian Portuguese.