Soybean by-products also joined the upward trend, with gains of 5.4% (US$86.20) to end the session at US$1,693.13 per ton; while flour advanced 1.9% (US$9.70) to close at US$511.14 per ton.
In the same way, wheat rose 8% (US$27.10) and stood at US$368.08 per ton, a record since 2008, and the price of mRice advanced 6.1% (US$16.63) and ended operations at US$291.23 a ton, a 10-month high.
Russia and Ukraine account for about 29% of world wheat exports, 19% of world corn supply, and 80% of world sunflower oil exports. Investors are concerned that the conflict in Ukraine and sanctions against Russia will prevent farmers from planting crops like corn in the northern hemisphere spring.
Six days after the start of the Russian invasion of Ukraine, historically known as the breadbasket of Europe, the value of these foods skyrocketed at a time when “the crisis is installed”.
Ukrainian ports remain blocked and demand is high, with “buyers looking for solutions” to replace the Ukrainian shipments they expected to receive, Damien Vercambre, a broker for the Inter-Courtage cabinet, explained to the AFP agency.
“Nothing has changed at the moment, but the markets are beginning to become aware of the situation. Exports have been totally interrupted and it is urgent to find new outlets,” he explained.
“China was expecting the delivery of between four and five million tons of Ukrainian corn and is now trying to get supplies in another way,” he added.
Wheat had already reached a record price on Monday night, while in the case of corn its previous highest value was registered on August 4.
In addition to cereals, the price of oil has also increased dramatically due to the conflict in Eastern Europe. The barrel of US WTI crude rose more than 10% and that of Brent more than 9%.
Source: Ambito
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