(Original title: CBOT wheat futures hit biggest weekly drop in 6 months as ample supply puts pressure on prices)
Zhitong Finance APP was informed that the March wheat futures contract on the Chicago Board of Trade (CBOT) closed down 0.4% to $7.415 a bushel on Friday as ample supply in the Black Sea region put pressure on prices The biggest weekly drop in months; the May contract closed down 3.25 cents at $7.515 a bushel; the July contract closed down 3 cents at $7.562 a bushel.
In response, traders said that large, low-priced supplies from Russia and Ukraine were providing strong competition to other global wheat exporters, while reports of an expected record harvest in No. 2 wheat exporter Australia also weighed on prices. under pressure.
In addition, the CBOT corn March contract rose 0.2% on Friday to close at $6.54 per bushel, a decrease of 3.6% this week; the soybean March contract closed at $14.925 per bushel, up 21.75 cents from the previous trading day, an increase of 1.48%, down 2% this week.
It is understood that CBOT soybeans have rebounded from recent losses due to growing concerns that the drought in Argentina will affect the crop harvest. Argentina is the world’s largest exporter of processed soybean oil and soybean meal.
Notably, fertilizer prices fell to 19-month lows this week as both natural gas costs and demand from farmers fell.
