CORN
Closing the first session of the week, CBOT corn prices did not change much, traders are waiting for an improvement in the weather outlook in South America before the possibility of planting delays in Brazil. Abundant supply in the US is also putting pressure on the market. USDA shows that more than 1.2 million tons of corn have been inspected for export supporting corn prices.
Corn prices closed higher for a fifth consecutive session Tuesday to extend the recovery from contract lows set last week. European traders said the Korea Feed Association (KFA) is believed to have purchased about 65,000 tons of corn for animal feed in an international tender.
Corn prices closed lower on Wednesday due to favorable weather conditions in Brazil but increased on Thursday as the market stabilized thanks to technical trading and a balanced position ahead of the commodity supply and demand report. month released on Friday
WHEAT
Wheat prices increased in the first session of the week, due to rising new export demand from China. USDA confirmed that US wheat sales to China reached 440 thousand tons, this is China’s largest purchase of US wheat since 2020. Statistics Canada raised its production estimate to 32 million tons. As for Australia, ABARES estimates about 25.5 million tons.
Closing the session on Tuesday, CBOT wheat prices increased for the sixth consecutive session and set the highest price in March after the government confirmed selling more goods to China.
CBOT wheat prices were volatile on Wednesday but remained generally up thanks to news that the US increased wheat sales to China.
Wheat prices rose for a third straight session on Thursday as the market braced for the US government’s monthly report on Friday.
SOYBEAN
Soybean prices fell on Monday as rain forecasts for drought-hit areas of Brazil eased concerns about the possibility of widespread crop failures. The USDA said that U.S. soybean processors crushed a record 201.4 million bushels of soybeans in October, indicating rising demand for soybean meal.
Closing Tuesday, CBOT soybean prices were little changed as bargain buying offset pressure from forecasts of rains in Brazil that boosted the crop. Data released by the European Commission shows that the European Union’s soybean imports in the 2023/24 crop year starting in July have so far reached 4.66 million tons.
Soybean prices fell on Wednesday as the market paid attention to rain forecasts in Brazil as heat and aridity threaten crops. USDA confirms private sales of 136,000 tons of US soybeans to China for delivery in the 2023/24 marketing year.
Bean prices increased slightly on Thursday on the prospect that Argentina’s new president would devalue the country’s currency.
Source: thitruonghanghoa.com
SHORT NEWS
India has limited wheat reserves to avoid food inflation. Indian authorities are concerned about food price volatility ahead of general elections in May. Food prices account for nearly half of the retail inflation basket and the government is taking supply-side steps to control food inflation.
(reuters.com)
Over the past week, China’s wave of purchases of US wheat has had a strong impact on world wheat prices, while previously low wheat prices had excited Chinese grain buyers
(reuters.com).
