WHEAT
CBOT wheat prices closed the second session sharply lower due to worries that the wheat export chain to China from the US will not continue. Soft red winter wheat sold from the US to China was reported by the US government as sales of more than 1,120,000 tons. Elsewhere, Russian wheat export prices continue to increase as transportation from ports remains difficult due to weather conditions.
Wheat prices continued to decline on Tuesday and Wednesday due to short selling and falling global demand. Storms are also forecast to bring beneficial moisture to the winter wheat belt in the U.S. Southern Plains through Friday. Grain exchange Rosario said its new wheat harvest forecast for Argentina’s 2023/2024 season was up 7% from its previous estimate.
At the end of Thursday’s trading session, wheat prices turned up sharply due to the weakening of the US dollar and increased technical buying after a series of declines in the previous days. USDA reported wheat export sales for the week ending December 7 at nearly 1 million, 500 thousand tons. In Argentina, agricultural associations met with the new government to analyze how planned tax increases will affect corn and wheat exports, several agricultural groups claimed, and most added that the measure would harming local producers.
SOYBEAN
CBOT soybean prices increased in the first session of the week due to concerns that drought in Brazil would have an adverse impact on crop conditions and a large international soybean purchase in the US. USDA said the weekly export inspection report reached more than 980 thousand tons.
Following the same trend as wheat prices, bean prices continued to decline Tuesday as weather models predicted rain in Brazilian growing areas, which are struggling with drought.
Bean prices continued to fall during Wednesday’s trading session due to forecasts of rain in Brazil’s growing regions. USDA confirmed sales of 125,000 tons of new crop U.S. soybeans to unspecified locations for delivery.
CBOT bean prices closed higher on Thursday as export demand for US supplies and a weakening dollar buoyed the market. USDA reported export sales for the week ending December 7 were 1 million tons.
CORN
Corn prices closed at the beginning of the week falling to their lowest level in the month due to pressure from widespread weakness from wheat. USDA reported weekly exports of more than 719 thousand tons. Additionally, China produced a record corn crop this year.
Closing the third session, corn prices increased slightly due to profit-taking. Traders adjusted positions ahead of expected U.S. Treasury guidance this week on whether to make it easier for sustainable aviation fuel, analysts said. whether corn-based ethanol qualifies for subsidies.
In line with the market trend, CBOT corn prices turned down due to improved weather conditions in Brazil and spillover pressure from wheat and soybeans, which also depleted abundant supplies in the US.
CHOT corn prices closed flat on Thursday, with grain traders monitoring rain forecasts for next weekend in northern Brazil, where heat and dryness have worried farmers. USDA reported weekly export sales of more than 1 million, 418 thousand tons.
SHORT NEWS
Shipping company Maersk has just invested more than 500 million USD in the Southeast Asian market to expand its supply chain infrastructure (vnexpress.net)
Indian Minister of Commerce and Industry Piyush Goyal announced the project Enabling Logistics Development Across All States (LEADS) 2023 at the Pragati Maidan Exhibition Center. The launch of this project marks a pivotal moment in India’s vision for strong economic growth and highlights the pivotal role the logistics industry will play in achieving ambitious goals. (Bnews.vn)
