Prices for oil, corn and wheat fall in hopes of ending the war in Ukraine through negotiations

Erdogan's first talks between Ukraine and Russia took place in Turkey yesterday. The world hopes that they will stop the senseless war aimed at destroying the free and democratic Ukrainian state and nation, as it irritates the Kremlin government, which keeps its own people in the grip of fear and isolation.

Most analysts understand that Russia wants to destroy Ukraine, so negotiations will not yield quick results. The horde of invaders failed to capture Kyiv, the big cities and change the democratically elected government into their own, so they intensified bombing and rocket fire on civilian neighborhoods and infrastructure to inflict maximum damage on Ukraine.

Traders were optimistic and believed that Russia would retreat from Kyiv and Chernihiv and start ceasefire talks, so yesterday prices for oil, corn and wheat fell by 3-5%. But the intensification of shelling of Ukrainian cities, including Kyiv, last night suggests that negotiations should be held only on Russia's surrender and the amount and timing of compensation.

May futures for Brent crude oil at London's ICE Futures fell 2% to $ 110.2 / barrel yesterday (currently trading at $ 111.2 / barrel) and for WTI crude oil on the New York Mercantile Exchange (NYMEX) - by 17.7% to $ 104.2 / barrel ($ 105.2 / barrel), while last week they rose by 12% and 10.5%, and from Monday fell by 8% and 8% respectively.

May corn futures in Chicago fell 3.2% to $ 285.9 / t yesterday amid falling oil prices and hopes of resuming exports from Ukraine.

May futures for Black Sea corn in Chicago yesterday fell 1.3% to $ 364.5 / t, losing 2.6% for the week.

The Turkish state agency TO has purchased 300,000 tons of corn at two tenders at an average price of $ 423.1 / ton C&F, which indicates that it is unrealistic to resume exports from Ukraine in the near future.

May futures in the US fell again yesterday:

• 4.4% or $ 15.71 / t to $ 372.7 / t for soft winter SRW wheat in Chicago (-9% on Monday),
• 4.7% or $ 16.9 / t to $ 376.4 / t for winter hardwood HRW wheat in Kansas City (-8.6%),
• 3.6% or $ 13.41 / t to $ 383.2 / t for drought spring HRS wheat in Minneapolis (-5.9%),
• by 0.9% or $ 3.75 / t to $ 388.75 / t for Black Sea wheat in Chicago.