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Wheat and soybean prices stabilise with improved crop conditions

Wheat (Symbol: Wheat-C) and soybean (Symbol: Soybean-C) prices stabilised after significant declines in the previous session, reflecting better-than-expected crop conditions reported by the US Department of Agriculture (USDA). Wheat prices rose to $5.54 a bushel after a 3.4% drop. While soybean prices held stable around $11.45-3/4 a bushel, having dropped 2.7% the day before. The downturn saw soybean prices falling to the lowest level since 2020, while wheat prices remain around 50 cents above a four-year low hit. The sharp declines were primarily following the USDA report on crop conditions. Read more to find out why wheat and soybean price stabilise.

why wheat and soybean price stabilise

Disclaimer:

For commodities day traders, such a stabilisation in prices following the sharp declines offers potential for short-term gains if the prices rebound. However, traders should remain cautious and plan trades with technical analysis while exercising risk management in navigating the volatility in the commodities markets.

Publication date:

2024-07-21 07:28:03 (GMT)

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