CORN
CBOT corn prices rose on Monday as investors took profits from last week’s gains as traders prepared for the release of an important US government crop estimate report.
Corn prices fell on Tuesday, the monthly World Agricultural Supply and Demand Estimates report said. USDA raised its outlook for the corn harvest, as expectations of harvested area outweighed the resulting damage. to forecasts derived from extended dry periods.
Corn prices closed the fourth session recovering after the previous session’s decline. Corn prices increased thanks to positive information on domestic consumption in the US.
Closing Thursday, corn prices fell following a decline in soybeans and wheat due to slow export demand and ongoing worries about the large US harvest.
WHEAT
Wheat prices closed at the beginning of the week sharply lower due to strong supply and continuously decreasing demand for crops in the US. Wheat prices are low and trading below the unofficial minimum export price imposed by the Russian government, with traders saying safe shipping channels from Ukraine will not be restored quickly. US wheat reserves for the 2023-2024 crop year remain unchanged at 615 million tons.
Wheat prices continued to decline on Tuesday due to strong supply pressure from Russia.
After a series of days of decline, wheat prices increased sharply on Wednesday. Wheat’s upward momentum was maintained when the market received less positive information about the global supply outlook. Currently, four countries, Hungary, Romania, Slovakia and Bulgaria, will extend the ban on grain imports from Ukraine to protect the domestic market.
Wheat prices fell slightly on Thursday due to the impact of a stronger dollar and profit-taking actions before the previous session’s increase.
SOYBEAN
In the same direction as corn, soybean prices increased in the first session of the week. In general, analysts expect the government will cut US corn and bean production from August. USDA confirmed private sales reached 185 thousand tons from the United States to the Philippines.
Bean prices fell sharply on Tuesday after the government said the crop was not hampered by hot, dry summer weather while the USDA cut its harvest forecast, which still dampened traders’ expectations. that smaller harvests could support crop prices.
In line with corn and wheat, soybean prices increased slightly on Wednesday and Thursday due to pressure from domestic and tightening sources and uncertainty about the impact of weather on the America’s current crop.
Source: thitruonghanghoa.com
SHORT NEWS
Cargill said it has sold a stake in Russian grain warehouses to Russia’s Delo (Reuters)
Viteria Group’s revenue reached $28 billion in the first half of 2023, a record figure showing the results of the acquisition of Gavilon company (world-grain.com)
The EU expects the biggest harvest in the past 6 years. Compared to last year, soybean production is expected to increase 16% to 3 million tons, the EU’s largest crop in the past six years. (world-grain.com)
Coming soon to the City. HCM will have a regional logistics center. In the project “Developing Ho Chi Minh City’s Logistics industry to 2025, orientation to 2030”, striving for Logistics service revenue growth target of 15% by 2025 and 20% by 2030. Proportion of contribution of Logistics to the city’s overall GRDP aims to reach 10% by 2025, and 12% by 2030, reducing the country’s Logistics costs compared to National GDP by 2025 to only about 10 – 15%. (als.com.vn)
