CORN
Closing the first session of the week on February 6, CBOT corn price increased slightly by 0.6 USD/ton. However, on February 7, the price of corn fell to 2 USD/ton due to the influence of negative information about US exports. The IMEA raised its Mato Grosso state production estimate for 2022/23 by a record 46.4 million tonnes, unchanged from its January report and up 5.9 percent year-on-year.
CBOT corn prices closed the session on February 8 and turned to increase by $ 1.7 / ton after the Supply – Demand report that USDA just released showed that Argentina’s output and exports in 2022/23 were sharply cut. Accordingly, USDA’s corn harvest is forecast at 47 million tons, 5 million tons lower than reported in January and 2.5 million tons compared to the 2021/23 crop year, respectively, due to damage caused by the weather. prolonged drought. Corn gains were somewhat limited as traders also anticipated a USDA cut in yield estimates.
Closing the session on February 9, the price of CBOT maize fell by 3.1 USD/ton due to the influence of negative information from the US export situation. However, on February 10, the price of corn increased again to $ 3.9 / ton. In its most recent report, the BAGE exchange maintained Argentina’s 2023 corn production forecast at 44.5 million tons, unchanged from last month’s report and well below 52 million tons of last year.
WHEAT
Affected by negative information from US export activities, the price of soybeans and soybean meal CBOT closed the session on February 6, down 4 and 8.3 USD/ton, respectively. In addition, the market’s very optimistic expectation about this year’s soybean harvest in Brazil is also an important factor affecting the decline in world prices. Currently, Brazilian farmers are at the beginning of the soybean harvest in 2022/23, progress is quite slow.
Soybean and soybean meal prices continued to fall on February 7. The agricultural institute IMEA on February 6 raised its soybean harvest estimate for the 2022/23 crop year in Mato Grosso state (Brazil’s largest agricultural producing state) to 42.8 million tons, up 3.3% from its forecast. last month and 4.8% higher than the 2021/22 crop year.
Following the market’s uptrend, CBOT wheat price at the end of February 8 also turned back to $5.5/ton after falling for the previous 3 consecutive sessions. Traders are also concerned about the situation that winter wheat crops in the US may be adversely affected by adverse weather. According to the Supply – Demand report on February 8, the USDA raised the estimate of world wheat export production in the marketing year 2022/23 (from July 2022 to June 2023) to 211.4 million tons, 1.8 million higher than the forecast. tons compared to the January report.
Like corn, at the end of the session on February 9, the price of CBOT wheat decreased by $ 2.7 / ton, export sales of the US in the week from January 27 to February 2 remained low with nearly 151 thousand tons. On February 10, the price of wheat rose sharply by 10.6 USD / tonne when the market was concerned about the supply of grain exports from the Black Sea region that may be negatively affected in the context of the conflict between Russia and Ukraine. become more stressed.
SOYBEAN AND SOYBEAN MEAL
Affected by negative information from US export activities, the price of soybeans and soybean meal CBOT closed the session on February 6, down 4 and 8.3 USD/ton, respectively. In addition, the market’s very optimistic expectation about this year’s soybean harvest in Brazil is also an important factor affecting the decline in world prices. Currently, Brazilian farmers are at the beginning of the soybean harvest in 2022/23, progress is quite slow.
Soybean and soybean meal prices continued to fall on February 7. The agricultural institute IMEA on February 6 raised its soybean harvest estimate for the 2022/23 crop year in Mato Grosso state (Brazil’s largest agricultural producing state) to 42.8 million tons, up 3.3% from its forecast. last month and 4.8% higher than the 2021/22 crop year.
Closing the session on February 8, the prices of soybeans and CBOT soybean meal increased by 1.6 and 0.6 USD/ton, respectively, after USDA released a supply and demand report showing that Argentina’s output and exports continued to be cut. reduce. Specifically, the USDA has lowered its estimate for soybean production in the 2022/23 crop year for Argentina to 41 million tons, 4.5 million tons lower than last month’s report and 2.9 million tons lower than last year, due to the experience it had to endure. severe drought.
Soybean prices closed last session down 0.1 USD/ton, with the opposite trend, CBOT soybean meal prices closed strongly by 15 USD/ton on February 9, due to concerns about supply prospects from Argentina, largest exporting country in the world.
At the end of this week’s trading session (February 10), soybean and soybean meal prices increased strongly by 8.5 and 4.3 USD/ton, respectively. This is the third consecutive session that soybean meal prices have increased and are $19.8/ton higher than on February 7.
