The markets of grain They took flight even higher this past Thursday, February 24, when Russia’s attack on Ukraine put a vital source of global supplies at risk.
The price of wheat climbed to its highest peak since 2008 in Chicago this, which raises fears for cereal exports, of which Russia and Ukraine are major producers.
“Export disruptions are feared given that Ukraine and Russia together account for 28% of world exports of wheat”, Dewey Strickler told the AFP agency.
According to him, the first countries to be affected by the turmoil would be those in North Africa, which Ukraine sells a lot wheat.
the bushel of wheat (about 27 kg) for May delivery rose 5.65% to $9.3475, from $8.8475 on Wednesday.
In fact, according to Bloomberg, Egypt canceled its wheat tender after receiving a lone French grain offer. It had been swamped with entrants to another tender just a week earlier.
Ukraine still has around 6 million tonnes of wheat and 15 million tonnes of corn to ship this season, said Michael Magdovitz, a senior analyst at Rabobank in London. While buyers may turn to other sources such as USA and the European Unionits role in the market is “irreplaceable,” he said.
the bushel of corn (about 25 kg) for delivery in the same month increased 1.64%, to US$6.9500, compared to US$6.8125 in the previous close.
Ukraine and Russia they account for more than a quarter of world wheat trade and about a fifth of corn sales.
A bushel of soybeans (about 27kg) for May delivery fell 0.80% to $16.6150, from $16.7100 on Wednesday.
Adding to the crisis, drought in South America has dampened the outlook for soybean supplies, pushing futures to a nine-year high.
Source: Larepublica
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