Soybeans, other grains futures slide as Ukrainian grain shipments resume (NYSEARCA:SOYB)


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U.S. soybean futures fell 4% on Monday on profit-taking after the benchmark November contract rose nearly 12% last week, while corn and wheat futures also fell as the first grain ship left a Ukrainian port since the beginning of the Russian invasion at the end of February.

CBOT November Soybeans (S_1:COM) settled -4.3% to $14.06 a bushel in response to Ukraine’s shipment of grain and when US House Speaker Nancy Pelosi’s planned trip to Taiwan prompted threats of retaliation from China.

Corn closed in December (C_1:COM). -1.7% to $6.09 3/4 a bushel, and September Wheat (W_1:COM) ended -0.9% at $8.00 1/4 a bushel.


Broader weakness in commodities, including crude oil, also hung over grain markets, coupled with recession fears.

“The things that took [grain futures] from February because the energy market trended up and Ukraine could not ship grain. Those bull stories are being unwound today,” Don Roose, president of Iowa-based US Commodities, told Reuters.

Ports in the Odessa region reportedly have ~600,000 tons of grain ready to be shipped in 16 ships; If the newly agreed Safe Shipping Corridor proves reasonably successful, it would go a long way towards alleviating grain shortages in Europe, the Middle East, Africa and Asia. Soybeans, other grains futures slide as Ukrainian grain shipments resume (NYSEARCA:SOYB)

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