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Thursday, August 11, 2022

Wheat falls to pre-war low as food shipments rise in Crimea

On Friday, Chicago wheat futures widened losses to the lowest since Russia invaded Ukraine in February, with rising shipments of agricultural goods to Crimea underlining their worst week in a decade that despite the war, grain still How is it entering the world markets?

For this time of year food hops from Russian-occupied Crimea were 50 times as common, possibly indicating that Ukraine’s stolen supplies were moving into importing countries. The news comes as negotiators were seeking a solution to restart Ukrainian shipments to Black Sea ports.

Futures fell as much as 3.7%, briefly wiping out all gains from 2022, before narrowing losses and settling down 1.8% at $7.81 per bushel. This is well off the record of around $13 in the weeks following the attack and the biggest one-week drop since March 2011.

Falling wheat prices are giving hope for relief from the worst food inflation in four decades, with Russia’s grain crop climbing and US farmers forecasting a harvest.

“We’ve taken the war premium out of the market and now we need to figure out what the price of wheat is,” Adam Nosalla, a grain broker at Frontier Futures in Minneapolis, said over the phone. “The market is looking for demand.”

In other markets, corn and soybean futures each posted smaller gains as traders gauged dry weather that could damage crops.

Heat in France will intensify from Sunday and temperatures could rise above 40 °C (104 Fahrenheit) in some areas next week, according to the Meteo France. Forecasts from the US Department of Agriculture say that in the US, about a third of the corn-growing area is affected by drought, and warming is expected in the western region.

This poses a particular risk to corn fields, which are entering their critical growth period. Global supplies have already been affected by the war in Ukraine, limiting exports from one of the world’s leading shippers.

bloomberg

World Nation News Desk
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