The rally for the price of corn, which reached a decade high, continues, as investors weigh the threat of supplies due to the war in Ukraine in relation to the possibilities to support demand from the US crop.
Russia’s invasion of Ukraine has disrupted world grain trade by delaying flows from Ukrainian ports, and has cast doubt on the prospects for spring planting. Which will increase importers’ dependence on supplies from the US, where the 2022 planting season is in progress.
Against this backdrop, July corn futures are currently up 1.2% at $ 7,935 a barrel on the Chicago Mercantile Exchange, the highest level since September 2012 for the most active contract.
At the same time, they are heading for the fourth consecutive upward meeting, the longest since the Russian invasion of Ukraine began in late February.
At the same time, wheat is also up 2.6% at $ 11.3275 a bushel, as traders assess the latest developments in Ukraine.
It is noted that the war enabled India to increase wheat shipments by aiming to ship 3 million tonnes to Egypt this year, which was heavily dependent on Black Sea grain.
Source: Capital
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