The grain broker Granar, indicated within its analysis of the day that “the fundamentals of the market did not change” since the war between Russia and Ukraine “prolongs and the uncertainty about when and how trade will be reestablished from the world’s main supplier of wheat is accentuated, as well as the question about what will happen to the spring planting in both countries”.
In addition to this, the possibility that Russia “limit or directly cancel export permits for inputs such as fertilizers, on which many large grain producers are dependent”. “This could accentuate the firmness because it would imply the chance of lower yields and, therefore, lower production,” the Granar specialists considered.
For its part, soybeans closed the day with losses. Thus, the March contract fell 0.2% to US$615.92 a ton, while the May contract fell 0.4% to end the session at US$610.13 a ton.
Although concerns about the lower availability of sunflower oil due to the persistence of the armed conflict support the prices of vegetable oils, “an improvement in the condition of crops in South America given the recent rains puts pressure on the prices of oleaginous”.
In fact, oil, whose bullish fundamentals remain firm, fell 1.9% this Friday and stood at US$1,693.12 a ton, while flour improved 1.6% and ended the day at US$1. 693.12 the ton.
Finally, corn rose 0.7% and stood at US$297.82 a tondespite the sharp rise in profits during the session, when it earned more than US$10 and exceeded US$300 per ton.
Source: Ambito
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