CORN
CBOT corn prices rose on Monday as commodity funds covered short positions in response to signs of a weakening U.S. economy and a declining dollar, market analysts said.
CBOT corn prices fell on Tuesday as a stronger dollar negated the gains made the previous day after funds had covered short positions amid a broad sell-off in financial markets.
Corn prices closed lower for the second consecutive day on Wednesday due to expectations of a bumper U.S. harvest and a stronger dollar, which made U.S. grains less competitive, traders said.
CBOT corn prices fell for a third session on Thursday as bearish sentiment took hold due to ample crop supplies, increased farmer selling, and sluggish export demand for this year’s U.S. fall harvest, traders said.
The U.S. Department of Agriculture reported net U.S. corn export sales of 485,400 tonnes for the 2023-24 crop year, compared with the 100,000 to 400,000 tonnes expected by analysts. Sales of 249,100 tonnes for the 2024-25 crop year fell short of estimates, which ranged from 475,000 to 1 million tonnes.
WHEAT
CBOT wheat prices edged up after earlier losses on Monday, as the U.S. Department of Agriculture is expected to downgrade its forecast for spring wheat. Futures had previously fallen due to heavy supplies and a general downturn in global markets.
Wheat prices on the Chicago Mercantile Exchange rose on Tuesday in a volatile session as traders dealt with crop damage in France, while Egypt surprised the market by announcing import tenders to purchase large amounts of wheat for delayed delivery.
Wheat prices closed lower on Wednesday as U.S. export demand showed signs of easing. However, uncertainty regarding the size and quality of the global crop helped support prices, traders said.
CBOT wheat prices unexpectedly rose for much of Thursday due to signs of adverse weather damaging crops in Europe. Nevertheless, prices eventually fell in line with corn, ending the day lower, traders said.
The U.S. Department of Agriculture reported net U.S. wheat export sales of 274,000 tonnes for the week ending Aug. 1 for the 2024-25 crop year, compared with the 250,000 to 500,000 tonnes expected by analysts.
SOYBEANS
CBOT soybean prices rose on Monday as commodity funds covered large short positions and the U.S. dollar weakened, analysts said.
CBOT soybean prices fell on Tuesday as the U.S. dollar rebounded, demand appeared to slow, and U.S. crop conditions were better than expected.
CBOT soybean prices fell on Wednesday, with some contracts hitting new record lows. This decline was attributed to a rebound in the U.S. dollar, persistent concerns about the global economy, and reduced Chinese imports, traders said.
Soybean prices closed lower on Thursday, with most contracts hitting record intraday lows. Ample global supplies, increased farmer selling, and expectations of a bumper U.S. crop continued to overshadow the market, traders said.
The U.S. Department of Agriculture reported net U.S. soybean exports of 325,400 tonnes for the week ending Aug. 1 for the 2023-24 marketing year, compared with the 100,000 to 300,000 tonnes expected by analysts. Sales of 985,200 tonnes for the 2024-25 crop year exceeded expectations, which ranged from 400,000 to 900,000 tonnes.
Source: thitruonghanghoa.com
SHORT NEWS
WALLACE, LOUISIANA, UNITED STATES** — Greenfield Louisiana announced on Aug. 7 that it has canceled plans to build an $800 million grain export facility in Wallace, Louisiana, a suburb of New Orleans.
Source: world-grain.com
