Wheat retreats as traders weigh Russia,Ukraine war

According to France’s market analysis firm, Strategie Grains, the war could remove about 11 million tonnes of Black Sea wheat exports and some 12 million tonnes of corn exports from the world market in 2021/22.

On the other hand, soybeans maintained its upward surge, gaining 0.5 percent to $16.76 a bushel as concern over export restrictions in Argentina countered pressure on the oilseed market.

Citing lower-than-expected yields due to adverse weather in 2022, the Buenos Aires grains exchange said Argentina’s 2021/22 soybean, corn and sunflower harvest forecasts could be cut further, while traders also expressed concerns that exports of soymeal and soyoil, of which Argentina is the world’s largest supplier, will be restricted.

As it stands, the South American country has halted registration of new export sales for soybean, with speculations that the government is weighing raising export taxes to help curb high inflation.