“The progress of negotiations between Russia and Ukraine revives hopes for a ceasefire in the Black Sea region”, indicated a report from the Rosario Stock Exchange (BCR). According to the brokerage firm, “With peace, the possibility of reactivating the grain trade and advancing in Ukrainian sowings would be reopened, which would give the world a greater supply of wheat.”
As for soybeans, the May contract fell 1.3% (US$7.8) to US$603.70 a ton, while the July contract fell 1.4% (US$8.45) to conclude the day au $s596.63 a ton.
In the oilseed market, there was a general liquidation of contracts carried out by investment funds given the chance that Russia and Ukraine would initiate a ceasefire after diplomatic talks.
“This withdrawal of profits from speculators took place even despite the high degree of skepticism that persists regarding seeing concrete results from the dialogue in the short term,” grain broker Granar said.
Its by-products also presented losses, with a drop in oil of 1.1% (US$17.42) to US$1,579.81 per ton, while flour fell 2.7% (US$14, 22) to position itself at US$513.67 per ton.
Finally, corn fell 3% (US$8.76) and stood at US$285.91 per tonas a result of the negotiations between Russia and Ukraine, which together, contribute 18% of the cereal worldwide.
Source: Ambito
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