Meanwhile, corn futures also rose and reached a new maximum in nine and a half months: in this case, it rose 1.6% to US$273.61 a ton.
As in the case of wheat, the war in the Black Sea region is the main driver of this price rise: Russia and Ukraine together account for around 19% of world cereal exports.
Finally, soybeans closed lower on Wednesday after hitting a high since 2012. Soybeans fell 0.8% to $610.50 a tonne.
As Russia and Ukraine are major players in the sunflower oil market (representing 80% of exports), the war could severely limit the global supply of this product, which gives a strong boost to vegetable oils, including soy.
However, the BCR clarified, the taking of profits ended up putting pressure on bean prices, which closed with falls of 1%.
Source: Ambito
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