CHICAGO (Reuters) – Grain and soybean futures on the Chicago Mercantile Exchange tumbled in “risk-off” trading on Tuesday amid spillover pressures from falling other markets and rising U.S. dollar, analysts said.
US stocks also fell. And US agricultural products looked less attractive to investors as the dollar appreciated, which is heading for its biggest one-day rise in more than three months.
“The overall trend is bearish in the market today… It’s a case of risk aversion earlier in the year,” said Matt Wiegand, commodity broker at Futures One.
The most active soybean contract on the Chicago stock exchange fell 31 cents to $14.93 a bushel by 5:45 pm GMT. It was down nine cents to $6.69 and a half bushel.
Wheat was down 20 and three quarters to $7.71 and a quarter a bushel.
Markets have seen a decline after posting year-on-year gains in 2022.
(Prepared by Muhammad Ali Farag for the Arab Bulletin – Edited by Mahmoud Salama)
