Corn Ease on e Ceasefire Talks

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Corn Ease on e Ceasefire Talks

Corn Ease on e Ceasefire Talks

Wheat and corn futures in the United States fell on Wednesday as ian officials gave upbeat assessments of their peace talks with , raising the prospect of the Black Sea region opening up for grain exports soon.

Soybeans rose as the market closely monitored drought conditions in South America, fueling fears of a supply shortage.

The most active wheat contract on the Chicago Board of Trade (CBOT) (Wv1) was down 0.24 percent at $11.51-1/2 a bushel at 0408 GMT, after rising more than 5% the previous session.

e and  have substantial grain stocks. This stockpile will be available for shipping as soon as the war ends.

On Wednesday, ian President Volodymyr Zelensky said peace talks sounded more realistic. Still, more time was needed, as n airstrikes killed five people in Kyiv. The number of refugees displaced by Moscow’s invasion reached 3 million.

Due to ’s military invasion, e may plant 4.7 million fewer hectares this spring, a 39 percent decrease, according to the APK-Inform agriculture consultancy.

Corn (Cv1) fell 0.46 percent to $7.54-1/2 per bushel, while soybeans (Sv1) gained 0.63 percent to $16.69-1/4 per bushel.

Soybean has benefited from the rise in edible oil prices and the expected drop in South American output.

The restrictions imposed by China, the world’s largest grain buyer, to contain the coronavirus outbreak may limit corn and soybean imports in the short term.

On March 15, China reported 1,860 new local symptomatic COVID-19 cases for the fourth consecutive day, with most new infections still concentrated in the northeast.

Grains traders were also keeping an eye on crude oil, which rebounded on Wednesday after falling more than $1 a barrel earlier in the day, as ’s invasion continued to dominate volatile trading.

Oil Drops Again

Oil fell sharply on Tuesday, adding to Monday’s loss. Various factors weighed on sentiment, including talks between  and e, a potential slowdown in Chinese demand, and trade unwinding ahead of the Federal Reserve’s expected rate hike Wednesday.

Both West Texas Intermediate crude, the U.S. oil benchmark, and Brent crude, the global model, settled below $100 per barrel on Tuesday; this is a far cry from the more than $130 they fetched just over a week ago.

WTI finished the day at $96.44, a 6.38 percent loss. It traded as low as $93.53 during the session. Brent settled at $99.91 per barrel, down 6.54 percent from the previous day’s low of $97.44. Early last week, WTI reached a high of $130.50 per barrel, while Brent reached a high of $139.26 per barrel. So far, the United States and Canada have banned n energy imports. In contrast, the United Kingdom has stated that it will phase out n imports.

However, other European countries that rely on n oil and gas have not taken similar steps.

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