Tensions in Russia-Ukraine Boost Grains Prices: CBOT Wheat and Corn Surge

Agriculture – Russia-Ukraine tensions support grains prices

CBOT wheat prices surged more than 4.5% DoD while corn rose more than 2.5% DoD this morning on reports of a recent attack by Russia on Ukrainian ports. The latest market reports suggest that Russian forces struck the southern part of the Odesa region overnight, damaging the infrastructure of the port. Prices of both grains have been declining over the past few days on the prospects of better weather conditions resulting in growing output from the US and other major producers.

The latest data from the Brazilian Trade Ministry shows that soybean exports from Brazil jumped by 32% YoY to 9.9mt in July, while cumulative exports rose 20% YoY to 72.7mt over the first seven months of the year. Among other grains, corn exports from the nation rose 4.4% to 4.3mt last month, while year-to-date exports rose 53.6% YoY to 16mt between January 2023 and July 2023.