CHICAGO (Archyde.com) – Grains and soybean futures on the Chicago Mercantile Exchange (Chicago Mercantile Exchange) tumbled on Tuesday in “risk-off” trading amid spillover pressure from declines in other markets and the rise of the U.S. dollar, analysts said.
US stocks also fell. And US agricultural products seemed less attractive to investors due to the rise of the dollar, which is heading towards its largest one-day rise in more than three months.
“The overall trend is bearish in the market today… It’s a case of risk aversion at the beginning of the year,” said Matt Wiegand, a commodities broker at Futures One.
The most active soybean contract on the Chicago Stock Exchange fell 31 cents to $14.93 a bushel by 1745 GMT. It fell nine cents to $6.69 and a half a bushel.
Wheat also fell by 20 and three-quarter cents to $7.71 and a quarter per bushel.
Markets witnessed a decline after achieving annual gains in 2022.
(Prepared by Muhammad Ali Farag for the Arabic Bulletin – Edited by Mahmoud Salama)