Uncertainty about how long the ports in the area will remain inoperative boosted prices, which in the case of the Wheat 03/22 contract registered an increase of US$20.85 (5.7%) to US$388.93 per ton.
Precisely Russia and Ukraine form a block that is the world’s main supplier of wheaton which the countries of North Africa and those of Southeast Asia depend to a great extent.
“Ukraine is the great player in the cereal market. It has 12% of world exports of wheat and 16% of corn. Russia is more important in wheat, having 17% of the market. Ukraine and Russia represent almost a 30% of the wheat market”said the economist Martín Polo.
In the case of corn futures, the balance was uneven, with slight falls in their closest positions (Corn 03/22 fell US$0.30 (0.10%) to US$290.93 per ton) after having touched a record since 2012 during the wheel.
Concerns about the global supply of yellow grains while the war between Russia and Ukraine continues, boosted prices of the cereal, but profit taking ended up putting pressure on prices.
For its part, soybeans ended lower pressured by profit-taking by funds after reaching a maximum since 2012 in the previous dayrecalled the Rosario Stock Exchange / BCR).
This Wednesday, the Soybean 03/22 contract depreciated by US$10.29 (1.6%) to US$616.38 per ton. The war between Russia and Ukraine raised concerns about the global supply of sunflower oilgiven that both countries together represent 80% of world exports.
This fact boosted vegetable oils in general, which translated into an increase in soybean prices in recent days.
Source: Ambito
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