New attacks in the Black Sea and a report in the US triggered international grain prices

The big leap in the Chicago market came from cereals: wheat rose 3.5% (US$ 8.17) to US$ 239.82 per ton and corn It gained 4.63% (US$ 7.97) to close at US$ 179.91 per ton.

The plaza local replicated the increases, but to a lesser extent: the available one of the first was trading almost unchanged at US$220 per ton, while the harvest contract rose US$4 to US$222. In the yellow grain, the improvements were slight, with the September contract rising US$1.6 to US$190, and with the available one trading around US$180.

In the case of wheat, the new Ukrainian attacks on Russian port terminals in the Black Seawas the main reason that drove the price of grain.

In the last hours it was known that Several drones hit the port of Novorossiyskthe most important in the area, which led to the paralysis of activities in the middle of the Russian harvest and export campaign.

On the side of cornalthough the war in Europe had its impact, it was the USDA World Grain Supply and Demand Report (WASDE) the one that caused the sharp rise.

“The report had a bullish influence, due to greater exports from the United States that leave an adjusted stock-consumption in that country, in a context where, in addition, the European Union is losing productive potential due to high temperatures,” the market analyst and financial advisor commented to Clarín Rural, Mariela Brandolin.

Along the same lines, the research manager at MaxAgro and professor at the Universidad Austral, Roman Danteexplained that “the report ended up being very bullish on corn, because yields went down more than the market expected, and exports went up. It was partly compensated by more area, but the important thing is that stocks went down.”

In fact, the USDA reduced final stocks in the United States from 51.31 to 49.40 million tons, compared to the 50.78 million tons calculated by private companies, which motivated the increases.

Other commodity who gave the note was soy flour – the main agro-industrial export product -, which had a jump of US$ 8.38 to US$ 342.8 per ton.

In this case there is no certain foundation, since, according to Romano, “it is a market in which there is less information, and that is operating with a lot of volatility.”

“This week we saw export business from the US at a time when many plants are stopped for maintenance. But the previous day we had had a significant drop,” he added.

But on the other hand, the specialist considered that, in this sense, it is important to closely monitor that “this year the race could finally begin to run.” restriction on importing agricultural products from deforested areas of the EUthe famous EUDR.”

“In the last two years, the entry into force was postponed, but in the second part of the year buyers activated businesses trying to obtain stocks to avoid problems in the supply chain. This could happen this year, but it is a little early,” he concluded.

Lastly, the bean rose US$ 5.52 to US$ 428.16 per ton, mainly driven by the drop in yields in the United States estimated in the USDA report and the continuity of Chinese purchases.