US wheat futures ticked higher on Wednesday, extending sharp gains made over the last two sessions following the global supply worries led by the Ukraine crisis and weaker-than-expected US winter crop conditions.
The most-active wheat contract on the Chicago Board of Trade, or CBOT, rose 0.3 percent to $10.48-1/2 a bushel by 0030 GMT, boosting gains this week to more than 6 percent.
CBOT soybeans slipped 0.3 percent to $16.27 a bushel after two days of gains. Corn shed 0.2 percent to $7.58-1/4 a bushel after a two-day rise.
Global dairy prices plummet
Global dairy prices have slid off record highs as demand from China was hit by a new wave of COVID-19 and lockdowns in several cities, including the financial capital of Shanghai.
Supplies of milk worldwide have tightened after dry weather in New Zealand, rains in Australia, and the Ukraine war pushed up feed costs for producers, particularly in Europe and the United States.
The Global Dairy Trade price index fell 1 percent overnight, adding to a drop of 0.9 percent in the last auction in mid-March. The index had hit a record high in the March 1 auction.
China iron ore futures jump to 8-month high
On Wednesday, Benchmark iron ore futures in China advanced more than 3 percent, hitting their highest in eight months, as trading resumed after the annual tomb-sweeping festival holidays.
The most-active iron ore futures on the Dalian Commodity Exchange for September delivery rose 3.3 percent to $147.16 a ton, the highest since Aug. 5, 2021, as demand at steel producers recovers from pandemic disruptions.
Gold prices flat
Gold prices fluctuated on Wednesday morning as hawkish comments from US Federal Reserve officials bolstered the dollar and Treasury yields to multi-year highs, denting bullion’s safe-haven demand and offsetting support from uncertainty around the Ukraine war.
Spot gold was flat at $1,922.59 per ounce, as of 0320 GMT, after declining 0.4 percent earlier in the session.
US gold futures were down 0.1 percent to $1,926.20.
(With inputs from Reuters)
