Commodities Update — Wheat prices gain, dairy falls, iron ore soars

Commodities Update — Wheat prices gain, dairy falls, iron ore soars

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 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. On Wednesday, Benchmark iron ore futures in China advanced more than 3 percent,