CORN
Closing the first session of the week (November 7), corn price decreased by $ 2.1/ton. U.S. corn harvest progress has completed 87% of the area and is up 11% from last week. On the next trading day (November 8), the price of CBOT corn decreased by $3.2/ton and marked the second consecutive decrease. Analysts expect that the USDA will revise up corn inventories for 2022/2023 according to a recent Reuters survey..
Also according to a report by the Association of Grain Exporters ANEC, estimated corn exports of Brazil in November remained at 6 million tons.
Corn prices fell sharply on the day (November 10) due to selling pressure to take profit on CBOT, marking the 4th consecutive drop.
WHEAT
Wheat prices closed at the beginning of the week slightly down $0.7/ton. CBOT wheat price dropped another $6.6/ton on trading day (November 8). Also on the same day (November 8), a report from Argentina’s agriculture ministry showed that the country’s producers had signed to sell a total of 5.6 million tons in the 2022/2023 crop year. The decrease in wheat on November 10 was also affected by unfavorable crop information in Argentina.
SOYBEAN AND SOYBEAN MEAL
At the beginning of the week, the price of soybean meal and CBOT soybean meal dropped by $4.4/ton and $1.5/ton, respectively. It is known that soybean meal prices in China have reached a record high in recent weeks due to tight supply. The denial of considering easing Covid-19 prevention measures has pushed the country’s soybean imports to the lowest level since 2014.
The price of CBOT soybeans dropped in the last session due in part to the information that Argentina may consider whether to bring back measures to promote exports of this commodity or not.
