Grains and oilseeds markets also remain well supported by poor corn and soybean crop conditions in parts of South America.although forecast rains for dry areas of Argentina and southern Brazil offered some relief.
The ton of soybeans rose 2.4% and closed at US$615.45. For its part, corn grew 1.3% to US$269.19, an eight-month peak. And wheat climbed 3.6% and stood at US$321.87 per ton.
The tension between Ukraine and Russia also “led to redirect purchases of wheat, corn and sunflower oil towards alternative destinations”.
Russia and Ukraine respectively occupy the first and third place in wheat exports, “taking about a third of the world cereal market”, remarked the BCR. This generated expectations in US operators regarding “potential increases in the demand for North American wheat, which underpin prices with special impetus in Chicago.”
“All eyes are on what’s happening in Ukraine, especially for wheat and corn exports,” said Brian Hoops, president of US brokerage Midwest Market Solutions, adding: “The weather (in South America) is starting to improve, but Brazilian farmers are delaying sales, so base levels are picking up significantly. That should drive more export business to the United States.”
Source: Ambito
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