The futures contracts wheat It is corn in Chicago posted weekly gains for the first time in five weeks, ending stronger on Friday due to high demand for U.S. corn exports. USA and market jitters over the extension of a grain deal during the Black Sea war.
On the Chicago Board of Trade, soft red winter wheat closed up 11.50 cents at $7.1050 a bushel as the most active contact marked weekly gains for the first time in five weeks.
May CBOT corn rose 1.50 cents to $6.3425 a bushel as the most active contract posted weekly gains for the first time in the same period.
The most active soybean contract marked down 15 cents to $14.7650 a bushel and closed weaker for a fifth week in a row.
O US Department of Agriculture (USDA) made its fourth consecutive daily announcement of US old-crop corn sales to China, totaling 2.1 million tonnes in four days.
“I think we’re going to continue to see corn exports pick up and I think that will help support corn prices,” said Jack Scoville, an analyst at Price Futures Group in Chicago.
A weaker dollar provided some support for US commodities as risk appetite returned after this week’s moves to shore up the banking sector.
You markets Grain traders were also monitoring talks to keep a shipping channel from Ukraine, with Russian pressure for a reduced duration raising doubts ahead of Saturday’s deadline.
Ukraine insists on a 120-day extension of a deal allowing the safe export of grain from Black Sea ports, Prime Minister Denys Shmyhal said, after the Kremlin earlier repeated its position of a 60-day extension.
Source: Moneytimes
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