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Corn in Longest Rally Since Ukraine War Began

Ukraine’s grain association projects its corn crop to sink 39% from last year

Flambo | PEXELS
Flambo | PEXELS

Corn rose for a third day in Chicago, heading for the longest rally since the war in Ukraine started, on sluggish sales from the country and further risks to future supply, reports BloombergQuint.

Futures gained as much as 0.9%, moving nearer to the highest since 2012. Both the U.S. Department of Agriculture (USDA) and United Nations cut their outlooks for Ukrainian corn shipments on Friday. Ukraine is shipping some commodities by rail, but exports abroad are limited because ports remain largely shut by the war.

The supply constraints are expected to persist into the 2022-23 season, with Ukraine’s grain association projecting the corn crop to sink 39% from last year.

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