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Concern about future of Ukrainian safe shipping channel
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Some east European states ban Ukrainian grain imports
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U.S corn planting weather in view
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Argentine soy exports slack
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HAMBURG, April 17 (Reuters) - Chicago wheat prices rose on Monday as dealers assessed Russian comments suggesting Moscow might not renew Ukraine’s grain export deal, while some east European countries stopped Ukrainian grain imports.
Corn dipped on a positive outlook for U.S. planting weather while soybeans rose on slow Argentine exports.
Chicago Board of Trade most-active wheat rose 0.2% to $6.84-1/4 a bushel at 1132 GMT. Corn fell 0.08% to $6.65-3/4 per bushel, soybeans rose 0.5% to $15.08 a bushel.
“For wheat the future of the Ukrainian shipping channel is still being assessed after negative Russian comments and after some east European countries banned Ukrainian imports to protect their own farmers,” said Matt Ammermann, StoneX commodity risk manager.
“U.S. hard red winter wheat regions did receive some recent rain, which is a weakening factor, but more rain is needed.”
Poland and Hungary banned some Ukrainian grain imports Ukraine on Saturday after local farmers suffered falling prices. Kyiv aims to re-open transit via Poland as "a first step" to ending import bans at talks in Warsaw.
“U.S. weather last week was good for corn plantings," Ammermann said. "It is likely the U.S. will not see the delays seen last year so there is only minimal stress/risk premium to be added by the markets.
"U.S. export corn sales to China were good last week but there is concern some this business could be switched to Brazil before they actually ship from the U.S.”
Argentine soybean exports remain low after a poor crop.
“Soybeans are supported by slow Argentine exports after the country’s harvest was damaged by drought, but this story is starting to look old and there is more attention on what is happening to the huge Brazilian crop,” Ammermann said.
“Talk remains of a few cargoes of Brazil soybeans sold into the U.S. East Coast. Rumours are these were trades done weeks ago and thus are not too big of surprise for the market, but debate remains when does this occur again." (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore, editing by by Uttaresh Venkateshwaran and Janane Venkatraman)
