Corn prices develop unevenly

Ukraine conflict causes wheat prices to rise

Prices on the Paris wheat market recovered yesterday, rising by up to €1.75 per tonne. September futures in particular recorded an increase and closed at €227.75/tonne (+1.00). Only the front month fell slightly due to technical aspects and closed at €204.75/tonne (-0.25). The escalation between Russia and Ukraine led to rising closing prices on the US wheat exchanges. On the CBoT, July futures rose by 5.00 to 604.25 US cents/bushel. Although weather conditions were favorable and demand for US wheat remained weak, prices were unable to rise further.

The US Department of Agriculture reported the sale of 20,300 tons of wheat from the old crop and 406,900 tons from the new crop for export, which was in line with expectations. According to traders, Algeria has bought milling wheat in the current international tender, although exact data on quantity and origin are not yet available. The price including all costs is said to be around 249 US-$/t and deliveries are planned for July. Algeria bought 900,000 tons at the last wheat tender in March.

Corn prices on the Matif showed a mixed development at the close of trading. While short-term futures fell by up to €2.00/tonne, futures from November onwards rose by up to €1.75/tonne. These different developments reflect the current volatile market situation and may provide investors with new trading opportunities. It remains to be seen how maize prices will develop in the coming trading sessions and which factors could play a role.

Corn prices develop unevenly
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