Corn futures fell the most in a week in Chicago on signs that escalating political tensions haven’t slowed exports from Ukraine, the world’s third-biggest shipper. Wheat also declined, and soybeans rose.
Ukraine loaded close to 700,000 metric tons of corn last week, according to Paris-based farm adviser Agritel. On March 11, Agritel said the Eastern European nation exported 480,000 tons in the prior week. A Chinese feed processor bought more than 50,000 tons from Ukraine, and shipping isn’t expected to be disrupted, said a purchasing manager at the mill, who asked not to be identified because the transaction is private.
“Export activity is not suffering from the delicate situation in which Ukraine and Russia find themselves,” Agritel, which has an office in Kiev, said in a report. “Ukraine in the past week chalked up its record for weekly corn loading since the start of the year.”
Corn futures for May delivery fell 1.4 percent to close at $4.79 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest drop since March 10.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.