Agricultural markets react to weather and external tensions

Agricultural markets began the day with moderate fluctuations, influenced by new geopolitical risks and weather expectations in major producing regions, according to information from TF Agroeconômica. Instability in the Black Sea returned to the spotlight after the sinking of a ship carrying Russian cargo and the Kremlin's reaction, which threatened to block Ukrainian navigation, raising caution in international markets. In wheat, prices registered a slight increase in Chicago, driven by this more tense scenario. Nonetheless, the fundamentals remain ample, and the Algerian tender keeps focus on European and Argentine origins, which remain competitive in North Africa. There is an increasing competition in the Moroccan market, while Argentine offers remain below two hundred and ten dollars per ton FOB. In the United States, the record of extremely low temperatures should not harm soft wheat thanks to snow cover. In soybeans, the market operates sideways, awaiting new elements. ...