In the case of soybeans, the greater export demand for the oilseed by China limit casualties.
Regarding the collapse of wheat, it responds to the decision of Russia to re-enter the agreement to enable exports from Ukrainian ports, from which it had withdrawn after one of its ships was attacked in the Black Sea. As pointed out by the Eurasian giant, the attack on the ship, which provided assistance to secure exports, was attacked by Ukraine with the collaboration of the United Kingdom.
The Government of Ukraine had accused Russia of abandoning the initiative for the export of Ukrainian grain covered by the “false pretext” of an attack on its facilities in Sevastopol (Crimea). The UN urged to do everything possible to preserve the dealwhich allowed in the last two months Ukraine exported about 9 million tons of grainmost wheat but there was also corn, barleyand some of sunflower oil.
This Wednesday, the Ministry of Defence Russian expressed the following in a statement: “The Russian Federation considers that the guarantees received at this time seem sufficient and resumes the implementation of the agreement”. To all this, it was added that there are guarantees that Ukraine will not use the humanitarian corridor to carry out attacks on the Russian army, and it was confirmed that operations will resume today.
In parallel, China announced this Wednesday that will auction 40,000 tons of wheat of your reservations next November 9. This decision adds to the auction of 40,257 tons of wheat held in October, which sold for an average of 2,843 yuan per ton.
At the local level, the Government made official this Wednesday the extension for wheat shipments already agreed, without penalties, to avoid the impact of the drought (which affects about 50% of the planted areas) and the shortage in the domestic market.
Source: Ambito
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