Madrid (EFE).- The futures contracts of the main cereals have risen in price in the last hours after the end of the cereal agreement announced yesterday by Russia, which represents a setback for Ukrainian exports through the Black Sea.
On the Chicago Stock Exchange, one of the largest places for trading agricultural products, corn futures rose 1.14% on Monday, soybean futures rose 0.51% and wheat futures rose 0.38 % since opening.
On European stock exchange operator Euronext in Paris, milling wheat futures were up 1.75% to 233.25 euros per tonne, and corn futures were 1.5% higher to 235 euros per ton, around 11:00 local time (9:00 GMT).
The cereal market has lived in continuous tension since the start of the war in Ukraine in February 2022, partly relaxed by the pact that Russia has decided to break after a year of application and various extensions.
In Spain, according to the latest figures from the Spanish Grain and Oilseed Trade Association (Accoe), in the last closed week and so far this month the prices of barley have fallen (-4.48%), of soft wheat (-3.59%), corn (-2.26%) and durum wheat (-0.69%).
Since January, barley has dropped 26.34%; soft wheat, 23.58%; durum wheat, 21.72%; and corn, 20.11%.
The UN Secretary General, António Guterres, assured yesterday that the Black Sea initiative had allowed the safe departure of more than 32 million tons of agricultural products from Ukrainian ports bound for 45 countries.
The World Food Program (WFP) has brought more than 725,000 tons to countries in need of food aid, such as Afghanistan, the Horn of Africa and Yemen.
According to the UN, the Black Sea initiative, together with the agreement to facilitate Russian exports of agricultural products and fertilizers, have helped to ease international markets, despite disruptions in world supplies due to conflict, climate change and the rise in energy.
The UN Food and Agriculture Organization (FAO) price index has fallen more than 23% from its peak in March 2022, following a steady monthly decline over the past year.