The rise in oil prices to the 7-year level keeps corn prices at a high level

Political disputes between Russia and the West remain the main driver of rising prices for oil, gas and, as a result, energy crops used in the production of biofuels.

March Brent crude futures on Friday reached 9 90/barrel, and on Monday crossed the познач 91 / barrel mark.

Quotes are rising amid concerns about a possible shortage of supplies amid rising global fuel demand. The main reason for the deficit is lower-than-expected production in OPEC+countries. Despite the agreement on a monthly increase in the production quota by 400 thousand barrels/day, actual production in December was 790 thousand barrels/day lower than agreed, due to conflicts on the territory of individual Exporting Countries, in particular Libya, Kazakhstan, and then against the background of a possible conflict between Ukraine and Russia.

At the next OPEC+ meeting on February 2, the production quota will probably be raised again by 400 thousand barrels, but it is not known when and which countries will increase oil sales to stop the rise in prices for it.

March corn futures on the Chicago Stock Exchange on Friday rose 1.7% to a record сезоні 250/ton this season, adding 7.3% of the price for the month.

March Black Sea corn futures on the Chicago Stock Exchange on Friday also rose by 3 3/ton to.288/ton, adding 5% of the price for the month.

In Ukraine, corn prices stabilized in ports at the level of 2 270-272/ton, and Hryvnia prices reached UAH 8600-8750/ton against the background of the devaluation of the hryvnia.

March European corn futures on Paris ' Euronext rose 2.25 €/ton to 257.25 €/ton or 2 287.2/ton on Friday, adding 5 €/ton for the week.

Political tensions between Russia and the West are expected to ease this week amid active negotiations and the start of the Olympic Games in China. A long weekend in China on the occasion of the new year's celebration will reduce the demand for corn in Ukraine and the United States, which may turn prices down.