US: The increase of Covid in China and the closure of ports in Ukraine affected the international market
United States
Published Feb 6, 2023
Original content
The week began in the Chicago grain market in a mixed way: Wheat and corn ended with gains after a temporary closure of Ukrainian ports, while soybeans fell hand in hand with more Covid-19 cases in China. In this sense, the Rosario Stock Exchange (BCR) highlighted that soybean futures fell this Monday after the rains in Argentina partially alleviated concerns about the shortage of crops in the exporting country, which exerted bearish support on the oilseed prices. Also, due to the increase in Covid-19 infections in China, market confidence about the relaxation of restrictions in the Asian Giant and the possibility of encouraging soybean exports worldwide weakened, which also led to the soybeans to operate with losses of up to 8 dollars per ton. US wheat futures ended the day with gains across all positions, adding as much as $10 a tonne in nearby, after a Russian attack on Ukraine this weekend temporarily closed a key port. for Ukrainian exports, it raised concerns about potential ...
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