For the Rosario Stock Exchange (BCR), the extension “It would result in a greater demand for soybean oil, replacing sunflower oil that is massively exported by Ukraine”.
“The demand for soybeans to industrialize could sustain its growth for the duration of the crisis, and perhaps beyond the duration of the crisis, as long as port logistics can be restarted from Ukraine, which is currently being damaged in the conflict, which would prevent a rapid resumption of trade if the crisis is over,” he added.
By-products also ended the day on the rise, with a jump in oil of 1.9%, about US$31.53, to US$1,674.86 per ton, while flour gained 1.7%, US$9 .15 to position itself at US$534.72 per ton.
For its part, Corn advanced 0.6% (US$1.87) and closed at US$298.31 a ton, also due to the consequences of the war between Russia and Ukraine.
According to the BCR, the agro-export company Bunge reported that part of the port infrastructure of the Ukrainian city of Nikolaiev was damaged by attacks.
Not satisfied with this, preliminary estimates by the APK consultant placed Ukraine’s corn exports at 19 million tons for the 2022/23 campaign that begins in July of this year, which would mean a year-on-year drop in the volume dispatched of 30 %.
Finally, Wheat fell 1.11% (US$4.59) and stood at US$406.29 per ton. This decline occurred as a result of the European Union (EU) affirming on Wednesday that its food security is not at risk due to the interruption of food supplies from Ukraine.
However, to expand supply and limit potential shortfalls, it extended agricultural subsidies by more than 500 million euros, which “would make it possible to preliminarily anticipate an expansion of the EU’s wheat harvest,” the Rosario stock market entity said.
Source: Ambito
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