CORN
CBOT corn prices were unchanged on Monday, USDA reported that the amount of corn exported from the US to Mexico reached nearly 290 thousand tons. Corn prices fell on Tuesday as traders awaited the release of updated global and U.S. agricultural supply and demand estimates on Thursday. USDA in its monthly report is expected to slightly increase its estimate of corn production in the United States.
CBOT corn prices rose on Wednesday following strong buying in wheat and soybeans.
Closing Thursday’s session, corn prices dropped sharply after the USDA reported that farmers would cut the largest corn crop ever. US 2023/24 corn export sales for the week reached more than 1 million tons, in line with traders’ expectations.
WHEAT
Wheat prices rose for the fourth consecutive session on Monday on the back of a weak US dollar. Weekly wheat exports reached just over 71 thousand tons. Analysts expect USDA to rate 47% of the nation’s winter wheat crop in good-excellent condition in a report later Monday.
Wheat prices turned lower on Tuesday after the USDA reported better-than-expected crop conditions, specifically 50% of the wheat crop.
The US is in good to excellent condition, up 3 percentage points from last week. The crop outlook improved after rainfall in drought-stricken Australia and Argentina dragged down wheat prices.
Wheat prices rose again on Wednesday as a new forecast for Argentina’s 2023-2024 wheat harvest brought the crop lower than previous expectations.
Closing Thursday’s session, CBOT wheat prices fell as USDA’s World Agricultural Supply and Demand Estimates report forecast larger global supply, lower domestic consumption and higher ending inventories.
SOYBEAN
Soybean prices closed the week higher on Monday as traders monitored crop weather in South America. Brazil’s uneven crop is causing concerns about supply and price support. Drought conditions are a concern in top soybean-producing state Mato Grosso, while heavy rains have drenched southern regions. USDA reported US bean sales to China this week reached 126,000 tons.
Following market trends, bean prices fell on Tuesday as the market retreated from a two-month high due to worries about weather conditions in Brazil.
Soybean prices rebounded on Wednesday after reports that China had ordered a large amount of soybeans from the US.
Soybean prices also fell on Thursday after a USDA report forecast that global soybean stocks at the end of the season would be record large.
Source: thitruonghanghoa.com
SHORT NEWS
Shipping line Hapag Lloyd announced net profit of 3.2 billion euros in the first 9 months of 2023, down 77% compared to the previous year. The global economic recession and the settlement of port congestion have caused freight rates to decrease. This also affects Hapag Lloyd’s competitor, Maersk. (reuters.com)
COSCO shipping line also just reported Q3 2023, profits decreased while revenue increased steadily. Specifically, revenue was up to 358.9 million USD while profit was down to 83.3 million USD (phaata.com)
