CORN
Closing the second session on September 4, CBOT corn price was at 191 USD/ton, a slight increase compared to the end of last week because of expectations of reduced crop quality. In Brazil, the safrinha corn crop has been harvested about 84%. More rain is expected over the next few days in southern Brazil and Argentina while northern Brazil is expected to be dry this week
On Tuesday and Wednesday, CBOT corn prices increased slightly to 192 USD/ton as the market was under pressure since the start of the harvest in the US. Total expected corn production in Brazil is expected to reach a record of nearly 132 million tons
The Thursday session, September 7, continued to increase at 191 USD/ton. The market is waiting for further developments as the harvest is approaching.
Closing the weekend session, CBOT corn price reached 190 USD/ton.
WHEAT
Wheat prices decreased compared to last week’s session due to pressure from global supply although demand is still very strong.
Closing Tuesday’s session, wheat prices turned upward, with analysts saying profit-taking helped lift prices in the September 5 session.
Wheat prices continued to rise on Wednesday, with analysts saying the market was oversold and further buying and short selling had pushed prices up. Concerns about global supplies helped shore up the market as wheat exporter Australia’s weather service said some areas were experiencing severe drought.
Wheat prices closed the fifth session down as traders took profits after the previous session’s increase. South Korea is planning to buy 95,000 tons of wheat from the US or Canada. Ukraine’s Ministry of Agriculture raised its estimate of winter wheat area. The 2024/2025 crop year is at 4.3 million hectares.
Closing the weekend session, wheat prices dropped to 5.9575 USD/bushel.
SOYBEAN
CBOT soybean prices closed at the beginning of the week at 496 USD/ton. USDA confirmed private sales of US new crop soybeans reached 198 thousand tons
However, in the third session on September 5, it decreased to 494 USD/ton, the condition rating for US soybeans may have decreased last week due to dry conditions. USD said 251 thousand tons were shipped to unspecified destinations by exporters in the 2023/24 marketing year. This is the 7th consecutive trading session that the US confirmed soybean sales to China.
In the fourth session on September 6, soybean prices increased to 499 USD/ton after the US said crop conditions decreased more than expected last week.
On Thursday, September 7, the price dropped to 495 USD/ton as the market took profits after the previous session’s increase.
At the end of the week, soybean prices did not change much, reaching 494 USD/ton.
Source: qdfeed.com
SHORT NEWS
Asian rice prices decreased slightly this week. The sharp increase from India’s decision to limit rice exports has negatively impacted consumer demand and made buyers hesitant to sign new transactions.
The Egyptian state agency responsible for purchasing, supplying and stabilizing commodity markets, bought about 480 thousand tons of Russian wheat in a separate deal.
(Bnews.vn)
Total global warehousing costs increased by 10.1% in the past year, of which London is still the most expensive market, Sydney is in second place.
(vnexpress.net)
