Wheat recovers in Chicago after a difficult week

Wheat prices rose sharply on Friday after a difficult week, while corn and soybeans are still benefiting from poor weather conditions in South America.

On Thursday, the benchmark bag of wheat had fallen to its lowest level since mid-January, hit by the effect of profit taking.

It was the conclusion of several sessions led by the arrival of rains in the Great Plains of the southern United States, ending a prolonged drought.

Wheat ended the week dragged down by the opposite movement; due to buying by speculative traders, who had bet on lower prices and pocketed their profits, said Brian Hoops of brokerage firm Midwest Market Solutions.

As for soybeans and corn, they continue to benefit from the lack of rain in southern Brazil, Paraguay and northeastern Argentina, which make up the largest producing region of these two crops in the world.

A bushel of wheat (about 27 kg) for delivery in March 2022 rose 1.75% to $7.6325 against $7.5175 on Thursday.

On its side, the bushel of corn (about 25 kg) for delivery the same month gained 0.60%, to 6.2050 dollars compared to 6.1675 dollars in the previous closing.

Finally, soybeans (about 27 kg) for delivery in March advanced 0.59% to 15.5350 dollars, while on Thursday it ended at 15.4425 dollars.

tu / juj / led / llu / atm

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