Corn also rises on continued concerns about the impact of the conflict between Russia and Ukraine in global supplies. In contrast, wheat, which had started the wheel on the rise, began to operate in negative territory.
“A long war between Russia and Ukraine awaits us, something we did not expect,” said a trader from Singapore. “The war will continue to affect supplies from the Black Sea region.”
The soybean contract busiest in Chicago cereal plaza (CBOT) It rose 1.7% to $634 a tonne, its highest intraday level in two weeks.
Conversely, Wheat futures were down 0.2% at $410.14 a ton; while corn gained 1.5% to $301.07.
Private exporters reported the sale of 240,000 tons of soybeans to unknown destinations for delivery in the 2021/22 agricultural campaign, the US Department of Agriculture said.
The slowdown in exports from the Black Sea region continued to support grain and oilseed prices. Ukrainian ports remain closed and the country is likely to export only 200,000 tons of wheat during the March-June period, said analyst APK-Inform, which on Monday cut its forecast for Ukrainian wheat exports in 2021/22, to 18.3 million tonnes, from 22.5 million tonnes in the previous forecast.
In Argentina, producers have already sold 18.8 million tons of corn for the 2021/22 season, the Ministry of Agriculture reported on Tuesday. According to the ministry, the country registered 1.3 million tons of corn sold between March 9 and 16, twice the volume registered in the same period a year ago, driven by the conflict between Russia and Ukraine that has cut world grain supply.
Source: Ambito
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