For March contracts, the price of soybeans increased 3.39% (US$19.84) to close at US$604.16, for those of May it rose 3.29% (US$27.28) to end at 601.40 dollars, while for July it added 2.74% (US$19.20) to end at US$593.96.
Oil also gained strongly $79.14 for the May position, which closed at $1598.76, while for flour the improvements were more modest $3.97 for the May contract, which settled at $491.96 , due to the effect of the rains in Argentina, according to the Granar report.
Thus, for March contracts, the price of corn increased 5.76% (US$14.96) to close at US$274.60, for May it rose 5.33% (US$13.78) to ending at 271.94 dollars, while for July it added 5.12% (u$s12.99) to end at u$s266.52.
Along the same lines, wheat prices ended the session with strong increases in Chicago to US$343.18 per ton for May, while the July price reached US$336.93, where they recovered what was lost in the session of the Friday, and there were also important increases in the European market, where the March and May positions of the cereal totaled 31.50 and 25.75 euros per ton.
“There are fears that the fighting may not end quickly and Ukraine’s export shipments of wheat, grains and oilseeds will be disrupted for a longer period than initially expected,” a European trader said.
“The impact of the sanctions on Russia is also being assessed. Importers will have to move elsewhere at a time of fairly tight global supplies.”
operators said that Most Ukrainian and Russian ports on the Black Sea and Sea of Azov remained closed on Monday, although Russia’s large grain export terminal Novorossiysk is operational..
In the metals market, fears of supply disruptions also pushed aluminum prices on the London Metal Exchange to an all-time high and nickel higher. Russia produces about 6% of the world’s aluminum and accounts for about 7% of the world’s supply of nickel from mines.
Aluminum on the London Metal Exchange hit a record high of $3,525 a tonne and nickel rose 1% to $24,615 a tonne, after rising 3% in the session.
Source: Ambito
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