agricultural commodities witness Sharp decreases

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(MENAFN) Recession worries and central banks’ aggressive monetary policies remain to have an effect on agricultural commodities.

Wheat exchanged on the Chicago Mercantile Exchange ended the week with a decline of 12.4 percent.

Last week, corn dropped 3 percent as well as soybeans declined 3.9 percent, whereas rice surged 0.4 percent.

Cotton, which witnessed its worst rate since May last year, fell by 7.2 percent and coffee, which witnessed the worst price since October last year, reduced by 9.4 percent.

Sugar lost 0.3 percent last week as well.

Zafer Ergezen, a futures and commodity markets analysts, mentioned that worries about a slump in financial expansion saw a rise with the Fed’s interest rate hike, also stating that interest rate hikes reinforced the dollar index up, which affected selling pressure in all commodity markets.

Ergezen mentioned that the central banks’ interest rate hikes versus inflation brought along worries that financial expansion would decelerate.

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