CORN
Closing the first session of the new week, the price of CBOT corn had slight fluctuations due to the influence of crop conditions in the US. Continuing the strong uptrend, corn price on August 9 increased by USD 2.8/ton. However, the extent of price growth was limited partly by the supply of cereal exports from Ukraine. On the uptrend, analysts expect USDA to cut supply and demand this time.
At the end of the week, CBOT corn price increased strongly following the uptrend of crude oil price and the dollar decreased the rate.
WHEAT
For wheat, the price of CBOT at the beginning of the week increased slightly by USD 1.5/ton. According to Reuters sources on August 9, India may abolish the 40% import tax on wheat and limit inventories to cool down domestic trading prices at record highs.
Currently, US farmers are in the early stages of the spring wheat harvest and are expected to harvest corn and soybeans in September. The information about the crop situation of the US in recent times has been of particular interest to the market.
Soybean and soybean meal
Soybean and Soybean meal also saw slight fluctuations earlier this week, traders awaited more information on crop conditions in the US. It is known that August is an extremely important month for the development of peas in the US, hot dry weather continues to occur in the US Midwest region, bringing concerns to the market.
Closing the session this week, the price of CBOT soybeans decreased by USD 1.2/ton after having increased strongly in the previous trading session.
