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Sunday, November 27, 2022

Grains rally as Russian missiles hit Poland, elevating potential for wider struggle

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U.S. grain futures gained Tuesday following experiences that Russian missiles landed throughout the border with Ukraine into Poland, killing two folks, sparking issues that any potential escalation within the struggle might endanger the deal that has allowed exports of grains out of Ukraine by way of the Black Sea.

On the Chicago Board of Commerce, corn for December supply (C_1:COM) closed +1.4% to $6.66 1/4 a bushel, soybeans (S_1:COM) for January supply settled +1.1% to $14.56 3/4 a bushel, and wheat (W_1:COM) ended +1.1% to $8.27 3/4 a bushel.


Indicators of progress in talks to increase the export deal for Ukrainian crops earlier had weighed on grain futures; Bloomberg reported Russia seemingly will enable the deal to be prolonged past its preliminary expiration on November 19.

Ukraine has shipped greater than 10M tons of crops by way of the Black Sea hall because the deal got here into drive almost 4 months in the past.

Costs for grains similar to soybeans, wheat and corn seemingly will see double-digit declines going into 2024, underperforming gold and U.S. Treasuries, John Overstreet writes in an evaluation newly revealed on Looking for Alpha.

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