CORN
CBOT corn prices rose on Monday, July 10, driven by soybeans and concerns about dry weather in parts of the U.S. Midwest crop belt. Corn prices are at $240-246/ton. According to the USDA, US corn exports for the week totaled more than 340,000 tons, below trade expectations of 500,000 to 900,000 tons. On the Brazilian side, agribusiness consulting firm AgRural says it has harvested 27% of the corn area.
Closing Tuesday, corn prices rose slightly, and a weak dollar tends to make U.S. grains attractive globally. Falling demand for US corn is a concern as Brazil is harvesting a bumper crop.
CBOT corn prices on Thursday were at nearly $240/ton, U.S. corn ending stocks for MY23/24 are forecast at 2.262 billion bushels by USDA.
The dollar fell to its lowest level since April 2022, making US grains competitive globally. US corn export sales for the week were reported by USDA at nearly 940 thousand tons. Brazil’s government crop supply agency Conab raised its estimate for total maize production for the 2022/23 crop in South America from 125.7 million tons to 127.7 million tons.
WHEAT
At the close of the second session, wheat prices fell due to pressure from the ongoing Northern Hemisphere harvest and strong export competition from Russian supplies as well as the ongoing harvest in Europe. Prices are at $322-325/ton, traders are waiting for a signal on an agreement to extend grain exports in the Black Sea ahead of an extension next Monday, Russian wheat prices remain unchanged.
Contrary to the second session, the third session of wheat prices increased due to concerns about the future of grain exports in the Black Sea, which is due to expire next week. The recent drone attack in the Ukrainian port of Odesa has turned attention back to the threat of war to grain supplies in the Black Sea.
Wheat fell to a recent one-month low on Wednesday after the USDA raised its 2023 U.S. wheat production estimate more than analysts expected.
With the impact of a weaker dollar supported by corn and soybeans, wheat prices rose on Friday.
SOYBEAN
USDA’s forecast for soybean acreage fell late last month prompting traders to report a significant drop in soybean production. Commerce is preparing a USDA bullish report as a decrease in U.S. soybean seeding in 2023 leads to an increase in product inventories.
CBOT soybean price in the third session increased, currently at over 730 USD/ton. The USDA rates 51% of US soybean production in good to excellent condition, and analysts also expect the USDA to tighten its forecast for US soybean stocks at the end of the 2023/24 season.
The US government forecast for soybean ending stocks for the 2023/24 season is at million bushels.
Soybean prices rose as traders turned their focus back to the volatile weather of the crop and concerns about US supply. USDA-confirmed private sales are more than 315 tons of new crop of U.S. soybeans to Mexico.
Source: dautuhanghoa.vn
SORT NEWS
There is information that the Indian government has issued a policy to restrict rice exports, making traders bewildered, but this is just a rumor and has not been officially announced.
At the annual conference of the Asia Pacific region of the Federation of International Air Transport Association (FIATA), which opened 24/7 in Da Nang, Mr. Nguyen Sinh Nhat Tan – Deputy Minister of Industry and Trade assessed Vietnam is becoming an attractive destination for logistics activities in the Asia-Pacific region. This event is an opportunity for Vietnam to attract investment in logistics infrastructure in Vietnam. In addition, the event will open up opportunities to promote import and export, improve business competitiveness and promote the development of Vietnam’s service industries.
Source: baotintuc.vn
