CORN
CBOT corn prices increased sharply in the first session of the week due to export sales to Mexico and short selling in the US. The ongoing harvest in the US continues to affect the market. USDA announced that Mexico has purchased more than 1 million 600 thousand tons of corn.
Bucking wheat and soybeans, corn prices fell on Tuesday, analysts said, with large global supplies and relative U.S. export demand still weighing on corn and soybeans.
Corn turned up in the fourth session, Brazil’s Anec estimated September corn exports at 9.6 million tons, up 40% over the same period last year. Closing Thursday’s session, CBOT corn prices rose sharply to their highest level in the past month, with speculators locking in sell orders as delivery hovered near a three-year low. European traders said Chinese importers are believed to have bought large quantities of corn for feed from Ukraine in the past two weeks.
WHEAT
CBOT wheat prices rose on Monday amid concerns about hot, dry weather affecting output. September is a critical month for drought that has reduced output, threatening to tighten global supply. We continue to monitor the tense situation in Ukraine, with attacks from Russia causing significant damage to infrastructure at the Black Sea port of Odesa and grain storage facilities.
Closing Tuesday’s session, wheat prices were more stable, with European traders saying Tunisia’s state grain agency is believed to have bought large amounts of soft wheat and barley for animal feed.
Seasonal rice prices decreased on Wednesday and Thursday after increasing in the first two sessions of the week. The Egyptian food agency said it bought 170,000 tons of wheat from Romania and Bulgaria at an offer price lower than the price of wheat in Russia.
SOYBEAN
Not out of the market trend, corn prices increased sharply on the second session, the market recovered after falling to the lowest level in nearly 8 weeks.
Soybean prices continued to rise on Tuesday for the third consecutive session after traders adjusted positions ahead of Friday’s report on US grain stocks. Global soybean demand remains weak as huge Brazilian soybean production puts pressure on the market, while US domestic soybean stocks remain tight.
Soybean prices closed slightly higher on Wednesday, but on Thursday, soybean prices fell slightly after energy prices rose a day ago, reducing support for soybeans.
Source: thitruonghanghoa.com
SHORT NEWS
In South Africa, heavy rain disrupts important freight services (Reuters.vn)
Canadian lentil sales to India slowed this week as Canadian Prime Minister Justin Trudeau said last week he suspected India was involved in an assassination on Canadian soil, fearing retaliation from New Delhi could could restrict trade, industry sources in both countries said. (Reuters.vn)
The 8th Eastern Economic Forum was held in Russia mainly on issues related to the field of Logistics, especially sea transport. This is a potential field in which Russia is promoting cooperation with Vietnam, reducing shipping time as well as freight costs. (als.com.vn)
