Strong exports from Ukraine prompted corn futures to continue losing value on Tuesday as concerns about disrupted supply lines because of the political situation with Russia dissipated, according to Bloomberg.
Farm advisor Agritel of Paris said Ukraine last week prepared nearly 700,000 metric tons of corn for export last week, in the thick of the struggle with Russia over Crimea. Voters in the region opted to secede from Ukraine and join Russia during a vote on Sunday.
"Ukrainian corn exports rose to a weekly record for the 2014 marketing year last week, signaling that the recent tensions have not impacted their ability to sell and ship grain," states a Tuesday note authored by commodity strategist Luke Mathews with Commonwealth Bank of Australia, according to Bloomberg.
At 8:44 a.m. on Tuesday, corn futures edged up 0.52 percent, a 0.025 lift to $4.815 per bushel.
Reuters reports analysts and investors continued to keep a close eye on developments in Ukraine as wheat also is an agricultural commodity produced in the region. The leader of Ukraine was ousted last month and Russian soldiers filed in.
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