Flambo | PEXELS

Apr 11, 2022

Corn in Longest Rally Since Ukraine War Began

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

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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Marketwatch: Aug, 19

US Corn Price Idx: ZCPAUS.CM

open: 6.641
high: 6.7722
low: 6.6162
close: 6.7188

US Soybean Price Idx: ZSPAUS.CM

open: 14.2373
high: 14.5071
low: 14.1683
close: 14.448

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.8458
high: 7.8708
low: 7.6159
close: 7.6658

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 6.903
high: 6.918
low: 6.6755
close: 6.7339