Wheat prices in Chicago rose on Monday after Poland, Hungary and Slovakia banned imports of grain and other food from Ukraine to protect their own agricultural sectors, raising further questions about Ukrainian exports.
Corn was flat as colder weather and some snowfall in the Midwest threatened to delay planting in the United States, while soybeans rose on sluggish Argentine exports.
The most active wheat contract on the Chicago Stock Exchange rose 1.94% to $6.9525 a bushel. Corn gained 1.69% to $6.7625 a bushel and soybeans advanced 1% to $15.1600 a bushel.
“Polish farmers are starting to protest that Ukrainian grain and produce are depressing their prices, so that’s a bit risky,” said Don Roose, president of US Commodities.
Poland and Hungary announced on Saturday a ban on some imports from Ukraine. Slovakia said on Monday it would do the same, while other central and eastern European countries were also considering action.
Kiev aims to reopen transit of food and grain through Poland as a “first step” to end import bans in talks that began in Warsaw on Monday, when countries halted grain from Ukraine to protect their agricultural markets. .
Also, on Monday, Ukraine said the Black Sea grain deal was in danger of “stalling” after Russia blocked inspections of participating ships in Turkish waters.
Argentine soybean exports remain low after a poor harvest, and grain inspectors have launched a 24-hour strike that is halting shipments at key river ports in the agricultural transport hub of Rosario.
“Soybean prices were buoyed by tighter supplies and the belief that ending stocks could drop in future reports,” Roose said.
