Wheat decreases by 3%… and corn decreases by 1%

Wheat futures on the Chicago Stock Exchange fell by about 3% yesterday, while corn prices fell by about 1%, after US President Donald Trump announced his agreement to a two-week ceasefire with Iran.

The most traded wheat contracts on the Chicago Board of Trade recorded the lowest level in two weeks, after falling to $5.81 per bushel (27.2 kg), and the wheat market faced additional pressure due to improving weather conditions in the United States. Commonwealth Bank analyst Denis Voznesensky said: “The geopolitical situation affected wheat prices during the past month, and the weather conditions in America also led to higher prices.”