Corn prices underpinned by multiple factors, wheat responds to Russia-Ukraine tensions
Prices in the Ukrainian corn market have regained balance after a recent rise, Barva Invest analysts say. Corn quotations resumed growth on rumours about the purchase of US corn by China and amid rising political tensions around Ukraine. March US corn futures rose USD 0.09 a bushel, while Black Sea corn remained firm.
Analysts mark that weather conditions in South America remain dry, raising market concerns about the future prospects of the corn harvest in the region.
The US reported sales of 128,000 t of corn to Japan.
According to Barva Invest experts, prices in the Ukrainian wheat market remain stable.
"Wheat prices showed a significant rise amid recent claims of potential Russian aggression. March Chicago futures rose by USD 0.26 per bushel. The price of European wheat rose by EUR 7.75 a ton and the Black Sea wheat by USD 5.25 ton," the message reads.
Learn more: TOP 14 Wheat Exporters From Ukraine in 10M 2021
Taiwan expects to buy 55,000 t of US wheat. Japan announced another tender for the purchase of 80,000 t of wheat, while Syria seeks to purchase 200,000 t. In addition, the export duty on Russian wheat continues its decline, this week's rate will be USD 92.8 a ton.
The USDA in its February report projects wheat export from Ukraine in 2021/22 at 24 mln t, 0.2 mln t down mth/mth.