CBOT has a sharp price gains at the weekend, Vietnam welcomed many vessels in early May
Corn
Closing the first trading session of the week in May, the commodities of CBOT price dropped sharply. Leading of list are corn and soybeans with 3.9USD and 14.5USD respectively compared to the end of last week.
The reason for the decline in commodity prices stems from a large decrease in China’s demand for imported commodities, and at the same time, the government of this country began to apply a policy of tightening control for a long time in many big cities to disease prevention.
By the middle of the week, the price of CBOT corn increased slightly and closed the session with a strong increase of 11 USD/ton.
The quantity of corn imported to Vietnam in May was at a high level, (about 290 thousand tons). But with the big source of corn that has made a pressure on prices in the domestic market.
Wheat
According to Reuters, India’s wheat production is likely to go down in 2022 after five consecutive bumper years. The reason is that the unusually high temperature in March has seriously affected the yield of this crop. It has also caused constraints on India’s exports.
In the United States, the situation of planting the bad winter crop.
With this information, the price of CBOT wheat in the middle of the week turned to increase sharply to 11.4 USD/ton. At the same time, the prices of other commodities increased slightly, although the world feed market was still under strong pressure from the tightening policies of the Chinese government.
Soybean Meal
Soybean meal prices at the beginning of the week did not prosper when continuously on the decline after 3 consecutive falling sessions since the beginning of this week. But at the end of the week, the price of it suddenly went up due to some external information that directly affected all prices on CBOT.
Currently, Argentina is in the midst of this year’s harvest and is expected to speed up the harvest this week thanks to the good weather.
The SBM in May of Vietnam has improved in quantity, but in the same situation as Corn, the domestic soybean price has been slow and go down, causing Vietnam’s trade to not prosper.
The factories sell domestic rice bran with the high price due to high demand from the market and extra -rice mill . At rice mills, the operation is still quite slow because of low supply sources. The domestic rice in the new crop is assessed to be of poor quality, not like the expectation of the Winter-Spring crop.
