Grains accumulate losses in the week


In the first four days of this week, wheat has reported a slight gain of 0.21%, going from 10.90 to 10.92 dollars per bushel on the Chicago Stock Exchange.

However, corn lost 1.47%, from 7.64 to 7.53 dollars per bushel, while soybeans fell 1.32% from 16.90 to 16.68 dollars per bushel.

In the day this Thursday, the three grains closed operations with gains, with corn rising 3.18%, followed by wheat that advanced 2.15% and a growth of 1.17% for soybeans.

Corn futures advanced on strong export demand. The United States Department of Agriculture (USDA) reported that corn export sales for the week to March 10 were just over 2 million tons, beating expectations.

The USDA also confirmed the sale of another 136,000 tons of corn to unknown destinations, the latest in a series of deals.

Wheat prices have been extremely volatile in the three weeks since the February 24 invasion, as the market relies heavily on exports from both countries via the Black Sea.

Soybeans were supported by soybean oil and a rally in US crude futures, which returned above $100 a barrel.

Soybean oil sometimes follows crude because of its role as a feedstock for biodiesel. (With information from Reuters)

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