At the wheel, the contract corn collapsed US$17.72 (-6.08%) to US$273.61 a ton, reaching US$273.61 and wheat depreciated US$5.79 (-1.94%) to close at US$ 292.11 per ton. It is important to note that soybeans rose US$7.99 (1.36%) to US$591.57 per ton.
Soybean futures rose after trading flat, with traders shrugging off weakness in the energy sector and concerns about the global economy.
In the context of the negotiations between Russia, Ukraine, Turkey and the United Nations, which must sign an agreement next week to resume Ukraine’s grain exports, the grain market behaved mixedly, leaving a unharmed soybeans in the face of the drop in corn and wheat.
“Ukraine needs large-volume shipping to get its grain exports outa sea canal would be a breakthrough, perhaps allowing Ukraine to put large volumes of grain on the world market,” said Matt Ammermann, commodity risk manager at StoneX.
The possibility of a pick-up in the pace of shipments from Ukraine outweighed the bullish news on US supplies.
The United States Department of Agriculture said Thursday that sales of wheat exports totaled 1,047 million tons, higher than expected, in the week ended July 7. This is the highest weekly total since 2013.
Source: Ambito
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