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<blockquote data-quote="Baling Hay" data-source="post: 8156718" data-attributes="member: 1057"><p> <ul> <li data-xf-list-type="ul">Russia opens sea corridors for international shipping to ports</li> <li data-xf-list-type="ul">Supply concerns remain in India, US cuts production forecast</li> </ul><p><strong>(Published 05:20 AM this morning)</strong></p><p></p><p>(Bloomberg) --</p><p></p><p>Wheat fell for a third session after Russia announced that it’s opening sea corridors for international shipping from seven Ukrainian ports, bolstering the outlook for higher grain shipments.</p><p></p><p>Futures in Chicago dropped as much as 2.8% on Thursday after losing more than 3% over the previous two days. Humanitarian maritime corridors from ports on the Black Sea and Azov Sea, including Odessa, will operate from 8 a.m. to 7 p.m. daily, Russian Defense Ministry official Mikhail Mizintsev said Wednesday.</p><p></p><p>The breakthrough after months of conflict in the Black Sea followed growing international criticism that Moscow’s blockade of shipping corridors in the region had triggered an unfolding global food crisis. Support has been rising across Europe to send warships to escort shipments stuck at Ukrainian ports.</p><p></p><p>Still, investors are keeping an eye on India’s shrinking wheat crop, while the US Department of Agriculture has downgraded its production forecast for the 2022-23 season. The outlook has been cut to 99 million metric tons, down from an initial estimate of 110 million as “terminal heat stress” impacts yields.</p><p></p><p>Corn futures also fell on Thursday, dropping to the lowest level in seven weeks. China has snapped up supplies from Brazil in an extremely rare move to ward against any disruptions to shipments from key suppliers in the US and Ukraine.</p><p></p><p>The world’s biggest importer of corn booked 250,000-to-400,000 tons from the South American nation for September, according to state traders, who added that the purchase was made ahead of an accord signed on Monday that guarantees Brazil’s access to the Chinese market.</p><p></p><p>Securing access to grains has become a paramount concern for governments across the world as prices for wheat, corn and soy soar. With a gauge of global costs near record highs following Russia’s invasion of Ukraine, a spate of nations have moved to curb exports -- a trend that could see prices rally higher as supply is further restricted.</p></blockquote><p></p>
[QUOTE="Baling Hay, post: 8156718, member: 1057"] [LIST] [*]Russia opens sea corridors for international shipping to ports [*]Supply concerns remain in India, US cuts production forecast [/LIST] [B](Published 05:20 AM this morning)[/B] (Bloomberg) -- Wheat fell for a third session after Russia announced that it’s opening sea corridors for international shipping from seven Ukrainian ports, bolstering the outlook for higher grain shipments. Futures in Chicago dropped as much as 2.8% on Thursday after losing more than 3% over the previous two days. Humanitarian maritime corridors from ports on the Black Sea and Azov Sea, including Odessa, will operate from 8 a.m. to 7 p.m. daily, Russian Defense Ministry official Mikhail Mizintsev said Wednesday. The breakthrough after months of conflict in the Black Sea followed growing international criticism that Moscow’s blockade of shipping corridors in the region had triggered an unfolding global food crisis. Support has been rising across Europe to send warships to escort shipments stuck at Ukrainian ports. Still, investors are keeping an eye on India’s shrinking wheat crop, while the US Department of Agriculture has downgraded its production forecast for the 2022-23 season. The outlook has been cut to 99 million metric tons, down from an initial estimate of 110 million as “terminal heat stress” impacts yields. Corn futures also fell on Thursday, dropping to the lowest level in seven weeks. China has snapped up supplies from Brazil in an extremely rare move to ward against any disruptions to shipments from key suppliers in the US and Ukraine. The world’s biggest importer of corn booked 250,000-to-400,000 tons from the South American nation for September, according to state traders, who added that the purchase was made ahead of an accord signed on Monday that guarantees Brazil’s access to the Chinese market. Securing access to grains has become a paramount concern for governments across the world as prices for wheat, corn and soy soar. With a gauge of global costs near record highs following Russia’s invasion of Ukraine, a spate of nations have moved to curb exports -- a trend that could see prices rally higher as supply is further restricted. [/QUOTE]
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