CORN
Closing the first session of the week, the price of CBOT corn continued to increase strongly because the market was concerned that the hot dry weather in the Midwest might have a negative impact on crop conditions.
By the middle of the week, the price of CBOT corn adjusted and recovered again after a very strong drop in the previous day. At the end of the week, corn prices continued to increase.
WHEAT
CBOT wheat at the beginning of the week dropped again due to selling pressure to take profit after the previous strong gains. Besides, the fast wheat harvest speed is also one of the factors affecting the price of CBOT. Russia is known as the world’s largest wheat exporter and is in the early stages of this year’s crop with a positive outlook.
By the middle of the week, wheat prices continued to fall and at the end of the week, wheat prices fell for 4 consecutive sessions. The market is optimistic about an agreement that can resume grain exports in the Black Sea of Ukraine.
SOYBEAN AND SOYBEAN MEAL
As for soybeans, this week Argentina and Brazil are in the final stages of harvesting. Therefore, information on soybean harvest prospects is also one of the factors affecting world soybean prices.
Soybean pricesat the end of the week to mark the second consecutive gain, prices are recovering from a deep drop earlier this week.
According to Chinese customs data, soybean meal imports into the country this year fell by 23% year-on-year. Although China’s live pork prices are quite good, the demand for soybean meal for livestock will only improve when pork prices start to rise again.
It is concerns about the weakness of the world economy that have reduced the demand for goods in the market. Thereby limiting the increase in the price of agricultural products.
