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Wheat: Italy under state of emergency

March 10, 2020 2:36 PM, Der AUDITOR
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FRANKFURT. The wheat markets are under pressure due to massive crashes on the stock and commodity exchanges, the failed OPEC Plus negotiations and the continuing spread of the coronavirus. As a result, the currencies in crude oil supplier countries such as Russia are coming under pressure. Italy's nationwide state of emergency due to Covid-19 shows how the situation could also deteriorate in Western Europe.

After yesterday's crude oil price crash and the collapse of global stock and commodity markets, the wheat markets in the USA showed only a slight recovery tendency. Chicago was trading 1.1% higher than yesterday at the noon front date at USD 522 per bushel. In Paris, wheat missed yesterday's price by 2.4% at EUR 179.50 per metric tonne and caught up by EUR 1.00 per metric tonne by midday. The impetus for a slight price recovery on the stock and commodity exchanges in the USA was provided by the announcement by US President Donald Trump that he would make available a package of measures

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