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.
ETF’s: (NYSEARCA: SOYAB), (CORN), (WHITE), (NYSEARCA:DBA), (MUH)
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.
https://seekingalpha.com/news/3864301-soybeans-other-grains-futures-slide-as-ukrainian-grain-shipments-resume?utm_source=feed_news_all&utm_medium=referral Soybeans, other grains futures slide as Ukrainian grain shipments resume (NYSEARCA:SOYB)