January 28, 2023

Dubai Week

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Prices of wheat and maize have been falling steadily for the past two months

Prices of wheat and maize have been falling steadily for the past two months

For the second consecutive session of the Chicago Chamber of Commerce, on Wednesday, wheat prices fell to a two-month low, which was positively affected by diplomatic talks aimed at opening Ukrainian ports, while it rained in the United States. The plains increased the pressure on prices.

Wheat followed it, and the price of corn fell to a nine-week low.

The price of soybean was stabilized, supported by expectations that it would expand the range of products used in biofuel production in the United States to include it.

The most active wheat deal on the Chicago Chamber of Commerce was down 42 cents at $ 10.46 at 1734 GMT, reaching its lowest level since April 8.

At the Chicago Chamber of Commerce, corn fell 22 cents to $ 7.5 a bushel, the lowest level since March 29. Soybeans were up nine cents at $ 16.92 a bushel. Wheat markets continued to plummet following comments by Russian President Vladimir Putin this week that he was open to the possibility of allowing grain to be shipped to Ukraine through Black Sea ports currently blocked by Russia.

A senior UN envoy seeking to reach an agreement on exports of both Ukrainian grains and Russian food and fertilizer has held “constructive discussions” in Moscow, a UN spokesman said on Tuesday.

Traders are wary of diplomatic progress, with Moscow calling for the lifting of sanctions in response to the reopening of Ukrainian ports, which were rejected by Kiev and its Western allies.


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