News

Corn fell to the lowest price in almost three weeks on speculation that rapid planting and favorable growing conditions will aid early development and boost yields in the U.S., the world’s largest producer and exporter.

Soybeans fell the most this month on speculation that China’s efforts to curb inflation will slow economic growth, reducing demand for food, fuel and animal feed made from imported oilseeds.

Grain traders in Ukraine have to reduce purchase prices UAH 200-250 (USD 1/UAH 7.925) due to the huge VAT debts owed them by the government of Ukraine for months, Leonid Kozachenko, president of the Ukrainian Agricultural Confederation (UAC) stated on Monday.

"Agriculture's share of Ukraine's exports has reached 25% and at the same time 56% of total VAT debts have not been returned to us in cash by the government. No single business sector should receive payment for debts in the form of commodities - by grain, spare parts, garments, metallurgists and chemists have no such possibility. It is distortion of a process of the debt return," Kozachenko noted.

Wheat prices in China's major producing areas were mostly stable in the week to Monday, with prices in some areas drifting lower on weaker seasonal demand.