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Corn falls in the US due to talks for a ceasefire in Ukraine

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By Christopher Walljasper

CHICAGO, USA, March 14 (Reuters) – Corn in Chicago fell on Monday, although pressured by uncertainty in the Black Sea region, as ceasefire talks in Ukraine could open the area to exports, the progress remains uncertain.

* Wheat fell earlier in the session, but returned to stable on news that Russia is suspending exports to protect local food supplies, as sanctions hit the country’s economy.

* Soybeans were initially supported by Argentina’s decision to stop soybean oil and meal exports, which could increase demand for the oilseed in other countries to produce alternative supplies, although the suspension is expected to be temporary. .

* The most active corn contract on the Chicago Stock Exchange was down 16.25 cents at $7.4625 a bushel by 1754 GMT.

* Wheat added 6 cents to $11.125 a bushel, while soybeans fell 6 cents to $16.70 a bushel.

* Ukraine said on Monday it had started talks on a ceasefire, immediate troop withdrawal and security guarantees with Russia. Both parts of progress information, although details were scant.

* Uncertainty left grain traders unclear about the availability of global supplies.

* “There’s a lot of nervousness. No one is very comfortable with their positions in wheat,” by John Zanker, market analyst at Risk Management Commodities.

* Earlier wheat losses have faded as Russia seeks to suspend exports of wheat, barley, corn and rye until June 30, the Interfax news agency reported, citing the Agriculture Ministry.

* “Russia must balance gesturing food inflation concerns with generating cash to finance its war efforts,” said Arlan Suderman, chief commodity economist at StoneX.

* To make up for the lack of wheat and corn proceeding from the Black Sea region, European countries have started looking elsewhere. Spain and Italy have each bought 35,000 tons of US corn, according to the US Grain Council.

(Reporting by Christopher Walljasper in Chicago; additional reporting by Michael Hogan in Hamburg; Editing in Spanish by Javier López de Lérida)

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