Wheat futures are on track for the largest weekly decline in nearly three months due to concerns regarding the Omicron variant of the COVID-19.
- Futures are down 3.4% this week, following the declines seen on Monday and Tuesday due to concerns after the detection of the COVID-19 Omicron variant, seen to have a three times higher risk of reinfection than other strains.
- Futures slipped 0.4% to $8.1175 a bushel in Chicago, after the 3.1% increase recorded on Thursday. Meanwhile, corn posted growth while soybeans jumped by 0.6%.
- The market remains backed by the severe floods in Australia, which expects more rains in the eastern parts. Egypt also recorded its biggest tender purchase since 2012, while Tunisia and Jordan booked wheat while Saudi Arabia is looking for a surplus.
Brazil is heading for the world’s biggest crop of oilseed on record.