Stock market

Stock market prices of wheat and corn in the USA have increased after the attacks on the port of Odessa

The offer to Wheat and Corn in the USA rose on Monday after Ukraine's main export port was shelled and temporarily closed over the weekend. This has increased fears of grain supply shortages, traders noted.

Soybean has fallen as weekend rains in Argentina heightened concerns about crops.

"Corn and wheat markets are reacting to the shelling of the Odessa port, which will affect the outlook for exports of (mainly) wheat from Ukraine," said Tomm Fitzenmayer, analyst at Summit Commodity Brokerage.

According to traders, closing short positions for Grains after a long price decline last week, wheat quotes have been pushed to a minimum since October 2021 and corn prices to a minimum of 3,5 months.

March CBOT wheat futures closed up 20 1/2 cents at $7,54 3/4 a bushel. March corn futures were up 10 cents at $6,54.

According to the US Department of Agriculture, the volume of export inspections for wheat was 218.460 tons and for corn 505.104 tons in the week of December 2-8.

CBOT January soy futures ended down 23 1/4 cents at $14,60 1/2 a bushel.

On Friday, soybean prices edged closer to a 3-month high amid active exports to China. However, investor sentiment has soured as the incidence of the coronavirus has risen in China, while authorities continue to ease quarantine restrictions.

The volume of soybean export inspections was in line with forecasts, coming in at 1,840 million tons versus 2,080 million tons a week earlier.

Meanwhile, it rained in Argentina's dry agricultural belt over the weekend. The meteorologists expect plenty of rain for the coming week in Brazil.

Source: Premium (Russian)

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