AMERICAS ASIA EUROPE MIDDLE EAST AFRICA TURKIYE

ARTS & CULTURE BUSINESS LIFE SPORTS

A PLACE CALLED PAKISTAN DIGITAL DOCUMENTARIES FOCAL POINT OFF THE GRID STORYTELLER

PERSPECTIVES RESEARCH CENTRE WORLD CITIZEN JOBS

Global wheat, corn prices fall as more grain ships leave Ukraine

  • 8 Aug 2022

So far a total of 10 ships have sailed since last week under a deal with Russia to unblock Ukrainian sea-borne grain exports.

Two more ships carrying corn and soybeans departed from Ukrainian ports on Monday. ( Reuters )

Chicago wheat and corn prices have eased after reports of more ships sailing from Ukraine to bring grain exports into global markets.

Welcome rain and lower temperatures forecast in the US Midwest also weakened corn and soybeans.

The Chicago Board of Trade's most active wheat contract Wv1 fell 1.4 percent to $7.64-1/4 a bushel by 1112 GMT. Corn Cv1 fell 1.1 percent to $6.03 a bushel and soybeans Sv1 were down 0.09% to $14.07-1/2 a bushel.

Two more ships carrying corn and soybeans departed from Ukrainian ports on Monday, taking the total to 10 since the first ship sailed last week under a deal with Russia to unblock Ukrainian sea-borne grain exports.

The hopes are that world markets could receive significant new Ukrainian supplies.

“Wheat and corn are falling today as ever more ships sail from Ukraine,” said StoneX commodity risk manager Matt Ammermann. 

"The question now is if and how fast we will see high-volume grain exports developing from Ukraine."

READ MORE: Turkish-flagged ship carrying Ukrainian grain arrives in northern Türkiye

Supply situation to improve

Ammermann says the market does not yet have full confidence in the safe-shipping corridor, but developments in recent days suggest the situation might improve more rapidly than previously expected.

Corn and soybeans are being weakened by more rainy, cool weather in the US Midwest, which has removed some of the fear about crop stress debated last week.

"But soybeans are also supported by expectations the US climate change, healthcare and tax bill will raise demand for soyoil," Ammermann said.

"With Brazilian soybeans selling out, Chinese demand for soybeans is also expected to be transferred to the United States from the second half of September."

READ MORE: Four more grain ships leave Ukrainian ports under Türkiye-brokered deal

Related

Popular