Source: APKinform (Ukraine)
At the start of trading on March 20, there was an increase in wheat futures on CBOT, recovering from the losses seen in the previous session. By 02:35 GMT, the leading contract had risen by 0.8% to $5.67 per bushel. Soybeans also saw a gain of 0.4%, reaching $10.12 per bushel, while corn climbed by 0.8% to $4.65 per bushel.
A significant factor contributing to this rise was the reported decline in grain exports from Russia. In February, wheat exports dropped by 52.3% compared to the previous year, totaling 2.4 million tons. This was attributed to export restrictions imposed under the February quota, alongside adverse weather conditions affecting the ports.
Concurrently, traders are keeping a close watch on the ongoing discussions between the US and Ukraine. A resolution to the conflict could heighten market competition and lead to more consistent grain supplies from the Black Sea area.
Furthermore, on March 19, investment funds persisted in divesting CBOT futures for wheat, corn, soybeans, soybean meal, and soybean oil.