CORN
Closing the session at the beginning of this week (August 1), the prices of agricultural products on the CBOT simultaneously fell in line with the strong downward trend of world crude oil prices. Corn price closed at the beginning of the week down 3.6 USD/ton.
In the session (August 2), the price of CBOT corn continued to decline 6.2 USD/ton because the information about the situation of corn crop conditions in the US was better than the market’s expectations.
On the contrary, at the end of the session (August 4), the price of CBOT corn increased strongly again 4.3 USD/ton. Contrary to previous expectations, the latest projections suggest that the key growing region in the Midwest is likely to face dry conditions for the remainder of August,threatening yield prospects.
Three ships carrying 58,000 tons of corn were licensed to leave Ukrainian ports on August 5 as part of an agreement reached by the parties last weekend.
US ethanol production increased from last week, also higher than market expectations.
WHEAT
Wheat prices closed at the beginning of the week (August 1) down 2.7 USD/ton. By the middle of the week (August 3), CBOT wheat price continued to decrease 4 USD/ton.
The first grain-carrying ship has left the port of Ukraine’s Black Sea (after more than 5 months), which helps traders expect more optimism about the recovery of export supply from this country.
Closing the last session of the week (August 4), CBOT wheat prices increased sharply 6.9 USD/ton.
According to Reuters on August 2, about 27 ships at three Ukrainian ports in the grain export agreement are ready to operate.
On August 3, Ukraine’s Prime Minister forecasted that the wartime grain harvest in 2022 had increased to 65-67 million tons from 60 million tons previously.
BEANS AND SOYBEAN MEAL
For beans and soybean meal, the price of CBOT closed session (August 1) sharply decreased by 20.3 and 14 USD/ton due to selling pressure to take profit on the exchange after the continuous price increase last week.
Particularly with soybean meal, at the end of the session (August 2), the price of CBOT returned to 5 USD/ton.
Beans and soybean meals closed the session (August 4), prices increased strongly at 21.2 and 24.4 USD/ton respectively.
China allows Brazilian soybean meal exporters to be licensed for a period of two months.
The Indonesian government has taken further steps to boost palm oil exports, by allowing businesses to export nine times the amount sold to the domestic market.
