Both oil and soybeans are affected by prolonged lockdowns in China’s major cities, causing logistical bottlenecks across the country’s food industryweakening US exports of grains and meat to its main agricultural export customer.
Wheat, meanwhile, was pressured by beneficial rains in parts of the US plains. Conditions for US winter wheat fell to their weakest level since 1989. A ton is down 0.4% and trading around $381.94.
Corn, meanwhile, fell 1.3% to $315.84 as the US Department of Agriculture’s weekly report is expected to show an increase in plantings.
Analysts forecast a stronger U.S. planting after a week of warmer temperatures across much of the U.S. Midwest, but cool, wet conditions delayed that.
Ukrainian President Volodymyr Zelensky said on Monday that Ukraine could lose tens of millions of tons of grain due to Russian control of Black Sea shipping, triggering a food crisis that would affect Europe, Asia and Africa.
Source: Ambito
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