CORN
CBOT corn prices declined on Monday due to pressures from the ongoing corn harvest, profit-taking activities, and spillover weakness from wheat futures prices.
Futures prices for corn at CBOT fell 2.5 cents to $4.10¾ per bushel.
On Tuesday, CBOT corn prices rebounded after a chaotic trading day, as the U.S. ramped up its anticipated bumper harvest, with farmers capitalizing on relatively high prices to sell old crop corn.
By the end of Wednesday, CBOT corn prices continued to rise slightly due to harvest pressures, although companies in the industry remained hesitant to make significant moves in the early stages of the U.S. corn harvest.
Analysts noted that CBOT corn prices dropped on Thursday due to seasonal harvest pressures and unimpressive export data from the U.S. Department of Agriculture.
WHEAT
CBOT wheat prices fell from a three-month high on Monday due to profit-taking following last week’s price surge, which was driven by concerns over European crops and escalating tensions between Russia and Ukraine, traders reported.
December soft red winter wheat (WZ24) at CBOT decreased by 16.25 cents to $5.78½ per bushel.
CBOT wheat prices continued to decline on Tuesday as geopolitical tensions between Russia and Ukraine eased, while strong Black Sea wheat exports created intense competition for U.S. wheat exports, according to traders.
Chicago wheat futures fluctuated but ended unchanged on Wednesday as traders weighed reduced wheat yields in the European Union against robust export flows from the Black Sea.
By the close on Thursday, CBOT wheat prices fell as the U.S. Department of Agriculture released disappointing export sales data, highlighting fierce competition faced by Black Sea wheat.
SOYBEANS
CBOT soybean prices dropped on Monday as U.S. farmers began harvesting what is projected to be a record soybean crop, adding to the already ample global soybean supply.
November soybeans (SX24) decreased by 1.75 cents to $10.04½ per bushel.
On Tuesday, CBOT soybean prices reversed course and rose as traders monitored heat and drought conditions in Brazil, which could threaten soybean planting in the world’s leading soybean-exporting country.
By the end of Wednesday, CBOT soybean prices continued to rise due to a wave of short selling prompted by concerns over hot and dry weather in Brazil, the top soybean-producing nation, traders said.
CBOT soybean prices fell after a volatile trading session on Thursday, dragged down by declining wheat and corn prices, but were supported by better-than-expected export data and weather concerns in Brazil.
Analysts pointed out that the late arrival of the rainy season in Brazil has caused significant moisture reductions in many regions, including Mato Grosso, one of Brazil’s top soybean-producing states. However, drought conditions would need to persist into October to become a serious concern.
Source: thitruonghanghoa.com
SHORT NEWS
PARKSIDE, AUSTRALIA — Viterra has reached an agreement to acquire five storage and handling sites as well as a mobile ship loader in South Australia and western Victoria from Cargill. The acquisition is expected to “deliver efficiencies for the South Australian and western Victorian supply chain and bring tremendous opportunities for growers, buyers and the industry,” Viterra said.
Source:world-grain.com
