CORN
CBOT corn price in the first session of the week only increased slightly. USDA announced the sale of 110,000 tons of old-crop corn to Taiwan this morning. Weekly Export Audit data shows 1.083 million tons of corn were exported in the week ending February 29. That was down from 1.3 million tons last week but still higher than last year. Japan and Mexico are top destinations. The monthly Grain Crush report shows 433.6 mbu of corn processed for ethanol production in January.
Closing the third session, corn prices fell, Traders were waiting for the WASDE report showing that US corn stocks decreased by an average of 17.2 mbu. Brazilian output is expected to fall by 1.6 million tons and the trade is expecting world output to tighten by 1.2 million tons. Weekly Export Audit data shows 1.083 million tons of corn were exported in the week ending February 29. Cumulative corn shipments reached 20.6 million tons compared to 15.33 million tons at the same time last season.
Corn prices continued to decline on Wednesday, According to Ministry data, Ukraine’s March grain shipments reached 774 thousand tons. Compared to last year’s pace of 641 thousand tons. The February total was 5.8 million tons at +11.5% over last year.
WHEAT
CBOT wheat prices closed at the beginning of the week with a sharp increase in weekly wheat exports of 353,137 tons through the announcement of export inspectors, mainly exported to Mexico.
Despite the poor conditions in the weekly NASS data, wheat futures remained slightly lower throughout the day on Tuesday. Traders on average expect the USDA to tighten wheat stocks by 200 thousand bushels to 657.8 million. That comes as some responses suggested cuts of up to 18 mbu and some suggested increases of up to 24 mbu. Global wheat production is expected to decrease by 1.3 million tons. Weekly wheat exports were 353,137 tons through export inspection reports. This was down from 482 thousand tons last week and similar to volumes in the same week last year. SRW is the main export product this week with a total volume of more than 115 thousand tons.
Wheat prices continued to decline on Wednesday. Sources showed that Algeria had ordered between 850 thousand and 900 thousand tons of milled wheat. According to Ministry data, Ukraine’s March grain shipments reached 774 thousand tons. Before the WASDE report, traders on average expected the USDA to tighten wheat stocks by 200 thousand bushels to 657.8 million. That comes as some responses suggested cuts of up to 18 mbu and some suggested increases of up to 24 mbu. Global wheat production is expected to decrease by 1.3 million tons.
After announcing the cancellation of wheat export transactions, SRW futures ended the trading session on Thursday with a slight decrease. USDA reported that Chinese buyers canceled 130 thousand tons of SRW purchases.
SOYBEAN
Soybean prices increased slightly, Brazilian soybean harvest was reported at 46%, USDA announced a large private export sale of 126 thousand tons of unknown soybean meal. Most of the purchase is for new crop deliveries, although 30 thousand tons is for 23/24. Weekly inspection data shows 1.02 million tons of soybeans were shipped in the week ending February 29. This figure is slightly lower than last week but 470 thousand tons higher than the same period last year. Soybean shipments remained behind last year’s pace of 8.55 million tons with 34.2 million tons shipped.
Bean prices eased again on Tuesday, the soybean/new crop corn ratio remained at 2.492 at steady point – below peak but still in +bean acre territory. Brazil’s soybean harvest through AgRural is 48% finished, still 5% higher than last year’s pace. Yesterday, USDA announced a large private export sale of 126 thousand tons of soybean meal of unknown origin. Most of the purchase is for new crop deliveries, although 30 thousand tons is for 23/24.
Bean prices continued to decrease on Wednesday but increased sharply again on Thursday. USDA’s weekly export sales report shows that 61,534 tons of soybeans were exported in the week ending February 29. Census data shows official U.S. soybean exports were 5.96 million tons in January. That’s up from 8.56 million tons last year. Brazil’s official soybean shipments were 6.61 million tons in February. That was up from 5 million tons on February 23. China customs data shows 2024 soybean imports begin at a five-year low as 13.04 million tons were imported in the first two months of the year.
Source: thitruonghanghoa.com
SHORT NEWS
The United Nations agency said the world food price index in February decreased for the 7th consecutive month. The Grains Index fell 5% month-on-month in February, 22.3% lower than a year ago thanks to expectations of a large corn harvest in South America and competitive prices offered by Ukraine.
(reuters.com)
