CORN
Closing the first session of the week, CBOT corn prices increased due to the influence of soybeans and oil prices, and abundant grain from the US and globally also limited the increase. USDA reported U.S. corn export inspections for the latest week at 713,290 tons, below trade expectations of 650,000 to 1,050,000 tons.
CBOT corn prices continued to rise on Tuesday due to profit taking after the lowest drop in 3 years from last week. However, weak demand and abundant supply from the US have partly prevented the increase. Analysts also forecast lower Brazilian second-crop corn production, reflecting the smaller corn planted area.
CBOT corn prices rose for a third straight session on Wednesday on uncertainty about the crop outlook in South America and a decline in the dollar. Forecasters expect Brazil’s second corn crop to be lower, reflecting the smaller corn planted area.
Corn prices closed lower on Thursday due to pressure from abundant inventories from the US. Corn received fundamental support from bargain buying and short covering as prices hovered near a three-year low set last week. The US Department of Agriculture (USDA) reported US 2023/24 corn export sales for the week ended January 18 at 954,800 tons, in line with trade expectations of 725,000 to 1,400,000 tons. ton.
WHEAT
Wheat prices closed higher on Monday, extending the bargain buying spree. Wheat export prices fell last week after global markets slumped while exports fell amid difficult weather conditions. Russia is the world’s largest wheat exporter. The US Department of Agriculture (USDA) reported US wheat export inspections for the latest week at 314,521 tons, in line with trade expectations of 250,000 to 550,000 tons.
Wheat prices closed slightly higher Tuesday as a stronger dollar limited gains by making American grains less competitive globally.
Wheat prices continued to rise on Wednesday and Thursday as the dollar slumped. USDA reported 2023/24 U.S. wheat export sales for the week ended Jan. 18 at 451,400 tons, in line with trade expectations of 200,000 to 625,000 tons. Some analysts speculate that global wheat demand could shift to North America and Europe due to tensions in the Middle East and the Red Sea.
SOYBEAN
CBOT bean prices edged higher on Monday after soybean oil prices rose on short-term profit-taking and rising crude oil prices. Traders continue to debate the size of Brazil’s bean harvest after rainy weather eased some worries about the drought. According to data from customs, China imported 29% more Brazilian soybeans in 2023 than the previous year. The U.S. Department of Agriculture reported U.S. soybean export inspections for the latest week at 1,161,100 tons, in line with trade expectations of 750,000 to 1,450,000 tons.
CBOT soybean prices ended higher on Tuesday despite slowing demand for U.S. soybean supplies and improving crop weather in Brazil limiting gains, alongside dry weather in Argentina. also supports gain.
CBOT bean prices closed a volatile fourth session as traders weighed the outlook for the South American crop. Severe heat is expected in Argentina’s growing regions, which are enjoying a bumper harvest, while market participants continue to debate the size of Brazil’s soybean output. Trade group Anec said Brazil’s soybean exports in January were estimated to have increased compared to last year.
Contrast with wheat prices, closing session on Thursday. Bean prices fell due to pressure from US soybean export demand due to strong competition from Brazilian supplies. The US Department of Agriculture (USDA) reported US soybean export sales for the week ended January 18 at 560,900 tons, below trade expectations of 700,000 to 1,200,000 tons
Source: thitruonghanghoa.com
SHORT NEWS
According to statistics on the container shipping price index, the price of container shipping services from Asia to Europe and America in the first week of January 2024 fluctuated greatly, increasing by about 60% compared to the end of 2023 and increased 25% over the same period last year. As for the Vietnam Maritime Administration, normally for transport routes from Asia to Europe, ship journeys go through the Red Sea and Suez Canal, this is the shortest route with optimal cost.
(bnews.vn)
UK ending wheat stocks increased by 30% as exports fell. Current wheat availability is pegged at 1,725 million in 2023-24
(world-grain.com)
