CORN
CBOT corn price closed at the beginning of the week on October 3, increasing by $ 1.3 / ton and was recorded as the 2nd consecutive increase. On the next trading day, October 4, the CBOT corn price increased by $0.9/ton, marking the third consecutive increase, $5.4/ton higher than the September 29 session. CBOT corn price at the close of the session on October 5 continued to increase by $0.4/ton, marking the 4th consecutive increase
At the end of the week, prices of all agricultural products dropped sharply. Supply from the corn and soybean harvest is taking place in the US and this is an important factor driving down prices for CBOT this time.
WHEAT
Wheat at the beginning of the week adjusted down $3.5/ton due to selling pressure to take profit after strong gains last week. On October 4, CBOT price decreased by another $3.3/ton. CBOT wheat price on October 5 continued to decrease slightly by $0.4/mts. The market continues to monitor the prospects for grain supply from Russia and Ukraine, the world’s two leading exporters.
SOYBEAN – SOYBEAN MEAL
The price of Soybean and soybean meal at the beginning of the week increased sharply by $3.5 and $2.5/mts, respectively, after the previous strong declines. Continuing to increase on the next trading day, the price of CBOT soybean closed the session on October 4, increasing by $ 3.5 / ton and marking the 2nd consecutive increase.
However, the price of soybean meal was adjusted down by $4.2/ton and the next day continued to decrease by $5.1 and $3.3/ton, respectively. According to news from Reuters on October 6, China’s soybean imports in October are likely to drop to the lowest level in the past two years, thereby exacerbating the shortage of soybean meal supplies for feed factories.
