Meanwhile, in the US, recent rains eased fears of crop stress, but a return to hot, dry weather during crucial corn pollination and soybean development has supported markets.
The August contract soybean climbed 2.7%,until the u$s541.23 a tonwhile the position September increased 2.1% to conclude the day at US$498.24 a ton. For its part, corn increased 2.8% to u$s228.34 a ton, and cut a negative streak after four consecutive wheels in low. And for the last one, wheat rose 1.4% to $282.93 a ton.
“A readjustment of investors’ positions after the recent liquidation of contracts and the uncertain future of the agreement to reactivate Ukraine’s exports after the bombing of the vicinity of the port of Odessa a few hours after the signing of the pact, were two of the factors that encouraged the rise in prices,” said a report by the consultancy firm Granar.
Russia, Ukraine, the United Nations and Turkey signed an agreement on Friday to reopen three Ukrainian Black Sea ports to grain exports. The agreement is valid for 120 days and its objective is the monthly export of 5 million tons.
Russia said it had targeted military infrastructure and that the missile attack would not affect grain exports.
Ukraine, for its part, maintained that it was continuing with efforts to resume exports and that the first shipment of grain under the agreement could leave this week.
“The fear now is that the Odessa attack will make the shipping deal even slower to implement,” a European trader said.
Ukraine’s seaports have been closed since the Russian invasion in February. And while some crops have gone by rail or road through neighboring countries like Romania and Poland, millions of tons have accumulated on farms.
“They’re trying to tell us that even though Russia attacked the ports right after the deal was signed, it’s not going to affect anything. I find it hard to believe,” said Karl Setzer, a commodity risk analyst at Agrivisor.
Source: Ambito
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