Key to the field: grains maintain an upward trend due to adverse global weather

The prices of the main grain operate with general increases in it chicago market due to the adverse weather in the United States and the geopolitical tension in it Black Sea behind the suspension of the agreement for export ukrainian grains.

In that framework, the soybeans up 0.4%until the $550.32. In this way, the oilseed advances for the fourth consecutive day. For his part, he corn In Chicago increases 1.7%to $211.81. The international context also drives the values ​​of the wheat a 3.7% and quotes in the $256.01.

In relation to the soy, forecasts indicate little rain for drought-prone areas in the United States. This situation triggers fears and the expectations of a new adjusted supply cycle are consolidated.

On the other hand, the prices of corn, added to weather conditions, are driven by the escalation of tension in the Black Sea. This situation also affects the wheat and, in particular, due to the news that was released this Wednesday regarding the Russian attacks on Odesa port terminals, affecting grain elevator infrastructure.

In addition, the brazilian wheat farmers would produce a 3% more than the basic product than in the previous season, according to StoneX affirmed this Wednesday, driven by a largest planted area and despite an expected drop in production at the main supplier in Rio Grande do Sul.

Conflict in the Black Sea

Three days ago, Russia decided not to extend the agreement that allowed the output of Ukrainian grains through the Black Sea. The argument for this decision was the obstacle that this implied for the own exports of fertilizers and agricultural productsadded to the claim that kyiv used that corridor to mobilize troops and weapons.

Despite the fact that the country governed by Vladimir Putin left open the chance to return to an understanding when his demand is “satisfied”. However, the European Unionthe UN and other international political actors condemned the decision not to renew the grain agreement. Among them, this Wednesday, the International Monetary Fund said Wednesday this situation worsens the prospects of the world food security and threatens aggravate the food inflation.

In addition, this Wednesday, the Ukrainian president, Volodimir Zelenskyaccused Russia of attack deliberately the routes used for such exports. “Russian terrorists deliberately targeted the grain deal infrastructures,” Zelensky wrote on Telegram.

Meanwhile, in May, the European Union I authorize Bulgaria, Hungary, Poland, Romania and Slovakia to prohibit internal sale of Ukrainian wheat, corn, rapeseed and sunflower seedswhile allowed the transit of those shipments for export to other countries. This ban will end on September 15.

But these five Central European countries now They want the ban to be extended to import Ukrainian grain at least until the end of the year, the agriculture ministers said after meeting in Warsaw on Wednesday.