Corn prices dove in US
Corn prices retreated on Mar. 17 in Chicago with the sharp drop of ethanol. This cereal is highly impacted by crude oil and biofuels prices’ fall, Agritel informs.
It is stressed by the consultancy that 30% of the US corn is aimed to make ethanol.
"Wheat and soybean prices were in small evolution, traders try to figure out the impact of the current pandemic on the demand," the report reads.
For the time being, the USA has not fully integrated the epidemic risks and the volatility could increase again on US markets, Agritel analysts add.
Agricultural commodities were better oriented yesterday due to the rebound of stock markets. Nevertheless, Asian stocks are plunging again this morning and the crude oil is tumbling close to 26 $/b on the WTI.
"In such context of high volatility, cautiousness is required with the strict respect of management frameworks," analysts say.
In the week of Mar. 7-13, staple grains shipment in Ukrainian seaports amounted to 832 thou. t, 46% lower from the previous week's volumes (1.55 mln t, as provided by the figures updated).