Start of negotiations to renew the Black Sea agreement puts pressure on corn in Chicago this Monday



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Monday (13) begins with corn futures prices moving little and operating in a mixed field on the Brazilian Stock Exchange (B3). The main prices fluctuated in the range between R$ 85.28 and R$ 87.25 at around 10:07 am (Brasília time).

March/23 was quoted at R$ 85.75 with a drop of 0.39%, May/23 was worth R$ 87.25 with a loss of 0.01%, July/23 was traded at R$ 86.38 with a gain of 0.24% and September/23 had a value of R$ 85.28 with an increase of 0.25%.

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External market - The Chicago Stock Exchange (CBOT) opened the first day of the week recording negative movements for international corn futures prices at around 9:44 am (Brasília time).

The May/23 maturity was worth US$ 6.08 with a devaluation of 8.50 points, the July/23 was traded for US$ 5.98 with a loss of 8.25 points and the September/23 had a value of US$ 5.59 with a decrease of 6.25 points.

According to information from the Reuters Agency, corn futures contracts in Chicago fell this Monday, with the start of negotiations on the renewal of the maritime transport agreement that allows Ukraine to export grains to global markets.

The publication highlights that negotiations began on Monday between UN officials and Russia's deputy foreign minister on the possibility of continuing the agreement allowing the safe export of grain from Ukrainian Black Sea ports, which expires in March 18th.

“As a major exporter of wheat and corn, Ukraine’s supplies are vital to world markets. There are expectations in grain markets that the agreement will be extended with the deadline now just a few days away. Russia and Ukraine probably won't get everything they want, but I think importing countries will have lobbied behind the scenes for the shipping deal to be extended,” Matt Ammermann, commodity risk manager at StoneX, told Reuters. 

Source: Guilherme Dorigatti | Notícias Agrícolas

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