CORN
Closing the session on 06/09, after a previous holiday, the price of Cbot corn increased by $4.1/ton. It is known that the market is looking forward to the USDA report to be published on 12/09, traders also expressed concern about the prospect of US corn yields that may be lower than previous expectations.
On the next trading day (07/09,), the price of Cbot corn decreased by $2/ton following the downward trend of crude oil prices. Corn prices also fell slightly by $1/ton and ended this week with a gain of more than $6/ton.
WHEAT
The price of Russian wheat exports has fallen due to pressure from ample supply when the new crop is harvested, and demand from importers has also increased. The price of Cbot wheat on 06/09 increased by $ 2.2 / ton, but this increase was limited by the pressure of abundant supply with competitive prices from Russia – the largest exporter in the world.
Wheat prices unexpectedly surged by $10/mts the next day and hit a nearly two-month high here as Russia raised criticism of the grain export deal for Ukraine. At the end of the week, Cbot wheat price was adjusted down by $5.6/ton after the previous strong increase.
SOYBEAN AND SOYBEAN MEAL
Closing the session on 06/09, the prices of soybeans and soybean meal Cbot dropped sharply at $8/ton and $14.8/mts, respectively. It is reported that Argentina may raise interest rates this week as the economy ministry offers a favorable exchange rate for soybean farmers in an effort to boost exports. This will create competition in the world market when American farmers are also about to harvest the new crop of soybeans. Towards the end of the week, soybean and soybean meal prices continued to decline with the impact of crude oil prices but rebounded strongly at the end of the week with an increase of $9/ton and $6/ton for soybeans and soybean meal, respectively.
On 09/09, the Indian government officially banned the export of broken rice and imposed a 20% export tax on various types of rice in an attempt to down transaction prices in the domestic market.
