Chicago: Wheat futures on the Chicago Board of Trade fell nearly 3% on Wednesday, while corn prices declined by about 1% after US President Donald Trump announced his agreement to a two-week ceasefire with Iran.
According to Yemen News Agency, the wheat market faced additional pressure due to improving weather conditions in the United States and expectations of increased Russian production. These factors contributed to the downward trend in wheat prices.
Oil prices fell below $100 a barrel after Trump stated he had agreed to a two-week ceasefire with Iran, provided the Strait of Hormuz was reopened immediately and safely. This development in the geopolitical landscape has influenced commodity markets, including agriculture.
The most traded wheat futures contract on the Chicago Board of Trade fell 2.8% to $5.81 a bushel, marking its lowest level in two weeks. Corn experienced a 1.1 percent decline, while soybeans saw a slight decrease of 0.2 percent.