CORN
CBOT corn prices closed at the beginning of the week with a slight increase. StatisTic data shows that farmers will plant 3.885 million acres of corn, an increase of ~60 thousand acres per year. Weekly Export Audit data shows 1.122 million tons of corn were exported in the week ending March 7. That is a decrease of 24 thousand tons compared to last week but 100 thousand tons higher than the same period last year. Total reported shipments were 21.81 million tons, compared with 16.36 million tons this time last year.
CBOT corn prices were virtually unchanged on Tuesday. Traders say Brazil’s heatwave is putting pressure on the country’s moisture-loving Safrinha corn crop and boosting corn futures prices as it raises questions about how the weather could affect yields.
Corn prices fell on Thursday due to widespread weakness from sharply lower wheat prices. Corn followed wheat futures lower, despite a sharp increase in export sales in Thursday’s USDA weekly report, followed by an additional private sale of 100,000 tons of U.S. corn for delivery to Mexico.
WHEAT
Wheat prices increased sharply in the first session of the week, USDA announced the cancellation of SRW previously sold to China. The cancellation of 264 thousand tons brought the total number of cancellations to 504 thousand tons since Thursday – that is 38% of China’s inventory and equal to 25% of total unshipped SRW sales.
Wheat prices continued to edge higher in the third trading session extending last week’s rally on technical positioning and short-term profit-taking. A reduced harvest in Ukraine as well as excessively rainy weather in France could play a small role in boosting wheat prices, analysts said. Traders said continued pressure from cheaper Russian wheat supplies and huge global supplies limited the day’s price gains.
Wheat prices fell on Thursday on news of Chinese exporters canceling and postponing about one million tonnes of Australian wheat and dismal US export sales announced by the USDA on Thursday. USDA reported 2023/24 U.S. wheat export sales for the week ended March 7 at 83,800 tons, the low for the marketing year.
Chinese wheat importers have canceled or postponed about 1 million tonnes of Australian wheat, trade sources with knowledge of the deals said, as growing world inventories drag down prices.
SOYBEAN
In contrast to wheat prices, soybean prices decreased in the first session of the week, Export Inspection Data had 706,334 tons of soybean shipments in the week ending March 7. This figure is down from 1.2 million tons last week but is up 68 thousand tons compared to the same week last year. Total shipments, at 35 million tons, remained 19.2% slower than last year’s pace.
Bean prices turned higher on Tuesday thanks to continued short and technical selling. Soybean futures also received some support from Brazil’s farming agency Conab, which lowered the country’s soybean production estimate to 146.858 million tons from the previous monthly estimate of 149.404 million tons. USDA last week pegged Brazilian production at 155 million tons, down from 156 million in February.
Bean prices fell on Thursday in volatile trading due to technical trading and a seasonal slowdown in US export sales. The US Department of Agriculture (USDA) reports US soybean export sales for the week ending March 7 at 376,000 tonnes for 2023/24 marketing year shipments, towards the lowest level expected trade is 250,000 to 800,000 tons. Traders said heavy output in South America and concerns about Chinese demand were weighing on the market.
Source: thitruonghanghoa.com
SHORT NEWS
In the context of rising global wheat inventories pulling prices down, China canceled about 1 million tons of Australian wheat.
China increased wheat imports last year after adverse weather damaged its crop, buying mainly from Australia, the US, France and Canada.
However, prices then collapsed as Russia began flooding the global market with cheap wheat as it reduced inventories ahead of an expected bumper harvest, meaning China would seek to buy back to lock in a lower price.
(reuters.com)
Indian government extends export restrictions on extracted rice bran through July. In December 2023, India extended restrictions on deoiled rice bran until March 31.
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