Chicago soybean futures are on the rise, with signs of strong export demand for U.S. cargoes supporting prices, even as the South American harvest peaked.
Wheat also rose and corn edged higher on continued concerns over the impact of a prolonged Russia-Ukraine conflict on global supplies.
“We are in for a long war between Russia and Ukraine, which we did not expect,” said one Singapore-based trader. “The war will continue to impact supplies from the Black Sea region.”
On March 23, the most active soybean contract on the Chicago Board of Trade (CBOT) was up 0.7 per cent at $17.07-3/4 a bushel at 12:00 GMT. Wheat rose 1.3 per cent to $11.33-1/4 a bushel and corn rose 0.34 per cent to $7.55 a bushel.
Read Also
The joys of fishing from shore
Manitoba has many lake and river shorelines to drop a fishing line without the cost of a boat, making shore fishing more accessible, and anglers can still catch impressive fish.
Private exporters reported the sale of 240,000 tonnes of soybeans to unknown destinations for delivery in the 2021-22 marketing year, the U.S. Department of Agriculture said.
Slowing exports from the Black Sea region continued to support grain and oilseed prices.
May rapeseed on Euronext set another all-time high for the futures market at 1,021.75 euros (US$1,122.70) a tonne, still supported by tight rapeseed supplies and strong demand.
Ukrainian ports remained closed and the country is likely to export just 200,000 tonnes of wheat during March-June, analyst APK-Inform said, as it cut its 2021-22 forecast for Ukrainian wheat exports to 18.3 million tonnes from 22.5 million tonnes.
Ukraine’s spring crop-sowing area may more than halve this year from 2021 levels to some seven million hectares, Agriculture Minister Roman Leshchenko said, versus 15 million hectares expected before the Russian invasion.
“The war is therefore likely to still have a noticeable impact on the supply of grains in the coming crop year, too,” Commerzbank said, referring to the minister’s forecasts.
In Argentina, producers have sold 18.8 million tonnes of corn for the 2021-22 season, the Ministry of Agriculture said.
According to the ministry, the country recorded 1.3 million tonnes of corn sold between March 9 and 16, two times the volume registered in the same period a year ago, boosted by the conflict between Russia and Ukraine that has cut the global supply of the grain.
