Mexico City | Reuters — Soybean futures gained following strong U.S. crushing data on Monday, while wheat and corn also closed higher after several eastern European countries banned grain and other food imports from Ukraine, casting further doubt on Ukrainian exports.
Members of the National Oilseed Processors Association (NOPA) said the U.S. soybean crush jumped to a 15-month high and the second-highest level for any month on record in March, processing 185.81 million bushels of soybeans.
“Certainly the crush data is implying some really strong demand… but also there are ideas of big demand, primarily from China, in the world soybean market,” said Jack Scoville of the Price Futures Group.
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The Chicago Board of Trade most-active soybean contract settled up 16-1/2 cents at $15.17 per bushel (all figures US$). Wheat closed up 14 cents at $6.96-1/2 per bushel. Corn settled 10-1/4 cents higher at $6.76-1/2 per bushel.
The U.S. Agriculture Department’s weekly crop progress report saw winter wheat at 27 per cent good or excellent condition, the lowest on record for this time of year. Corn was eight per cent planted, ahead of the average for the week ended April 16, though cooler weather and some snow in the Midwest threatened to delay U.S. planting this week.
Poland and Hungary announced bans on some imports from Ukraine on Saturday. Slovakia said on Monday it would do the same while other countries in central and eastern Europe were also considering action.
In response to individual country bans, the European Union’s executive has said such unilateral action was unacceptable.
Kyiv aims to re-open food and grain transit via Poland as “a first step” to ending import bans at talks that began in Warsaw on Monday as countries halted grain from Ukraine to protect their local agriculture markets.
Additionally on Monday, Ukraine said the Black Sea grain deal was in danger of a “shutdown” after Russia blocked inspections of participating ships in Turkish waters.
— Reporting by Cassandra Garrison in Mexico City and Michael Hogan in Hamburg; additional reporting by Naveen Thukral in Singapore.
