US wheat falls back into negative territory, while corn and soybeans climb in the wake of oil and in reaction to the Ukrainian war.
Lhe American quotations once again came out mixed on Wednesday evening in Chicago. US wheat is struggling in particular to resume an upward trend despite the Ukrainian war fearsdue in particular to international demand which is still turning away from this source in favor of European, Australian or even Argentinian wheat.
The arrival of beneficial rains to crops in the Midwest is also weighing on straw grain prices at present.
Corn prices, on the other hand, regained a little height, while fears over the upcoming Ukrainian harvest are gaining momentum. Planting is indeed beginning in the country while fighting is still raging and shortages of fuel and inputs are reported.
The ethanol sector has also benefited from a new black gold leap after the announcement of a drop in US crude inventories of 2.5 Mb/d last week.
The threat of a European embargo on Russian oil is also likely to drive up prices at present. It should be noted, however, that ethanol stocks in the United States rose by nearly 200,000 barrels last week, at 26.1 Mb, the highest since April 2020.
As a reminder, American stocks had then formed historic records due to the first confinement due to Covid-19.
The soybean complex meanwhile ended the session with clear gains, driven by a tightly tense oil market and the outlook for a lower South American production This year.
At the Chicago close, the SRW wheat at maturity May 2022 contracted by 12.6 c$/bu, to 11.06 $/bu. the But May 2022 futures increased by 4.6 c$/bu to 7.58 $/bu. The soybean May 2022 delivery rose by C$22.2/bu to $17.19/bu.
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