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Corn: Oil Traded To $7.5 Per Barrel ,Expectations Of Lower Supplies From Russia And Ukraine,

Corn: Oil traded close to $7.5 per barrel, rising from its 10-month low of $ 7.3 touched on March 16th amid expectations of lower supplies from Russia and Ukraine, the two major corn exporters.

Little progress was made in peace talks between Russia and Ukraine, even after the fourth round of negotiations, raising renewed fears of further supply disruptions from the Black Sea region.

Since the time Russia invaded Ukraine, Ukraine suspended commercial shipping at its ports while Russia paused grain trade following West’s trade sanctions on Moscow.

At the same time, the USDA sees 2021/22 global corn ending stocks at 302.2 million, down 0.9 million from last month’s projections as production increases in India partially offset the declines in Argentina and South Africa.