CORN
Closing the session at the beginning of this week (December 5), the price of CBOT corn decreased by $2.3/ton and was $10.5/ton lower than the last session in November. The Russian Ministry of Agriculture recently announced the applicable corn export tax rate be used from 07/12-13/12 is 0 rubles/ton. This is also the second consecutive week that Russia applies this export tax on corn products.
CBOT corn price on December 6 (December 6) decreased by $ 1.3/ton due to the strong impact of the drop in CBOT wheat price.
By the middle of the week (December 7), the price of CBOT corn was adjusted up by $1.6/ton due to increased demand at the trading floor and not much change in the next trading day. At the end of the week, CBOT corn prices increased slightly by $0.6/ton after USDA cut its estimate of US exports for Marketing year 22/23.
WHEAT
CBOT wheat prices at the beginning of this week fell sharply by $8.1/ton, totaling $20.7/ton lower than at the end of November due to the impact of information on abundant supply from leading exporting countries in the world. CBOT wheat price on the trading day (December 6) decreased by $3.7/ton but rebounded by $7.5/ton on the next trading day (December 7).
The rise of world wheat is likely to be limited by large supply pressure from Russia. In addition, forecasts of a record wheat crop in Australia will also alleviate concerns about global supply problems and increase competition for exports from the US.
Having the opposite trend with other agricultural products, CBOT wheat prices turned down $1.2/ton due to disappointing US sales news and continued to drop another $4.4/ton in 2018. weekend trading day.
SOYBEAN AND SOYBEAN MEAL
For soybeans, the price of CBOT closed the session (December 5) slightly down by $0.3/ton. While the price of CBOT soybean meal increased strongly by $8.8/ton, a total of $15.8/ton higher than the last session in November. In the next trading day, the price of soybean and soybean meal increased twice. $6.4 and $18.2/ton respectively. The price of CBOT soybean meal has continuously increased recently, totaling $34/ton higher than the last session of November. The main reason is the continuous decline in world soybean oil price, which negatively affected the margin profits as well as production activities of oil press plants. Soybean and soybean meal prices closed the session (December 7th) increased by $6.2/ton and $11.5/ton. Closing the session (December 8), the prices of soybeans and soybean meal Cbot increased by $5.2/ton and $8.2/ton, respectively, but decreased slightly in the last session of the week at $1/ton while that Soybean meal prices continued to extend their upward trend, adding $5.7/ton from the previous day, marking the 7th consecutive increase from the beginning of December to now.
