“It seems that the market has discounted that there will be a problem with corn and wheat coming out of Ukraine,” said Chris Robinson, founder of Robinson Ag Marketing.
Soybean futures also fell, pressured by a round of profit-taking after three straight days of gains pushed the most active contract to its highest in nearly a month on Wednesday.
The weakness of oil and the fall in world prices for vegetable oils added pressure on the soybean market.
futures of the oilseed for May on the Chicago Stock Exchange they fell 1% to US$625.12 a ton. Since February 24, the day Russia invaded Ukraine, it has accumulated a rise of 1.9%.
A report from the US Department of Agriculture, which showed weekly soybean export sales fell to 399,300 tonnes, the lowest level since July and less than forecasts of between 800,000 and 2.1 million tonnes, weighed on prices. .
Another announcement from the USDA, according to which private exporters reported the sale of 318,200 tons of soybeans to unknown destinations, kept the decline limited.
For his part, the corn for May it fell 1.3% to $294.38 a ton. Since February 24, it registers an advance of 10.1%.
While, wheat for the fifth month of the year yielded 1.8% to u$s398.95. Since the war began, 30 days ago, cereal shows an increase of 22.9%.
Weekly corn export sales came in at 985,600 tonnes, near the lower end of estimates of 900,000 to 2.2 million, and wheat export sales came in at 523,000 tonnes, against forecasts of 200,000 to 900,000.
Russia and Ukraine are the main suppliers of wheat, with a combined 29% of world exports, most of which pass through Black Sea ports.
Ship traffic in the small Sea of Azov has already been suspended, and if shipments from the Black Sea are interrupted, major importers, especially from the Middle East and North Africa, will be forced to look elsewhere.
Ukraine is one of the world’s top four corn exporters, along with the United States, Argentina and Brazil.
The two countries also represent about 80% of world exports of sunflower oil.
Source: Ambito
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