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Wheat in sharp drop as traders book profits

17th March 2014

US wheat prices have dropped in commodities trading markets today (March 17th), with traders seemingly attempting to secure profits on the back of a recent rally.

Markets demonstrated little reaction to the Crimea referendum on Sunday, which showed almost 97 per cent of voters wish to break away from Ukraine and join Russia. 

The legitimacy of the vote has been rejected by the West and Barack Obama has stated the US is prepared to impose sanctions against Moscow. 

On the Chicago Mercantile Exchange, wheat for May delivery advanced early in the session, reaching $6.9413 per bushel, before shedding 1.9 per cent to $6.7500.  

The contract climbed to a four-month high of $6.9640 on Friday, with concerns regarding the geopolitical tensions supporting prices.

According to the US Department of Agriculture, Ukraine is predicted to export ten million tonnes of wheat this season. If tensions in the country disrupt supplies, demand for US wheat may be boosted.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.