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U.S. grain futures gained Tuesday pursuing experiences that Russian missiles landed across the border with Ukraine into Poland, killing two people, sparking worries that any opportunity escalation in the war may well endanger the offer that has permitted exports of grains out of Ukraine as a result of the Black Sea.
On the Chicago Board of Trade, corn for December shipping (C_1:COM) shut +1.4% to $6.66 1/4 a bushel, soybeans (S_1:COM) for January delivery settled +1.1% to $14.56 3/4 a bushel, and wheat (W_1:COM) finished +1.1% to $8.27 3/4 a bushel.
ETFs: (NYSEARCA:CORN), (NYSEARCA:SOYB), (NYSEARCA:WEAT), (DBA), (MOO)
Signs of development in talks to increase the export deal for Ukrainian crops earlier experienced weighed on grain futures Bloomberg claimed Russia possible will permit the offer to be extended outside of its preliminary expiration on November 19.
Ukraine has shipped additional than 10M tons of crops as a result of the Black Sea corridor because the offer arrived into pressure practically 4 months in the past.
Price ranges for grains these as soybeans, wheat and corn most likely will see double-digit declines going into 2024, underperforming gold and U.S. Treasuries, John Overstreet writes in an assessment recently posted on Seeking Alpha.
