CORN
Corn prices closed slightly higher on Monday. USDA Weekly Inspection data shows more than 880,000 tons of corn shipped in the week ending February 8. This figure is up from 645 thousand tons last week and compared to 563 thousand tons in the same week last year.
CBOT corn futures rose slightly on Tuesday as ample global supplies, improving crop prospects in South America and fierce export competition weighed on the market, traders said. Egypt’s state grain purchasing agency, the General Administration of Commodity Supply (GASC), said on Tuesday it had purchased 120,000 tons of Ukrainian yellow corn in an international tender. A stronger US dollar tends to make US grain less attractive in world export markets amid strong global competition.
Corn prices fell at the end of Wednesday’s trading session. EIA’s weekly report showed ethanol production increased by 50 thousand barrels per day to 1.083 million barrels in the week ending February 9. Ethanol stocks fell 1.03 million barrels to 25.81 million barrels. Pre-report estimates had corn orders ranging from 800 thousand tons to 1.5 million tons in the week ending February 8.
Chicago Board of Trade corn futures ended lower on Thursday after a forecast increase in U.S. ending stocks pushed the market to a new three-year low. USDA separately reported US 2023/24 corn export sales for the week to February 8 at 1.3 million tons.
WHEAT
The CBOT wheat market is on the same bearish trend as corn. The weekly Export Check update shows that 407,476 tons of wheat were exported in the week ending February 8. This figure is up from 295 thousand tons last week and compared to 472 thousand tons in the same week last year. Total exports this season are still 2.58 million tons lower than last season with 11.7 million tons shipped. The Commitment of Traders Report managed pre-short positions by an additional 1,920 contracts of Chicago wheat, driven by net new selling, for the week at 66,738 contracts through February 6.
Wheat prices were volatile on Tuesday and ended lower amid continued pressure from falling Russian grain prices. A lull in international demand, partly reflecting the Lunar New Year holiday in Asia, kept the market quiet. A stronger US dollar tends to make US grain less attractive in world export markets amid strong global competition.
Wheat prices fell for three consecutive sessions due to a sharp decline in futures contracts in the US while export competition from the Black Sea region increased in the European market with high inventories. Falling prices in top wheat exporter Russia and large volumes shipped by Ukraine remain the focus.
Wheat extended losses on Thursday as Egypt’s auction highlighted export competition and traders remained focused on forecasts for large wheat stocks.
SOYBEAN
In contrast to corn and wheat, CBOT soybean prices closed Monday. USDA’s weekly Export Inspection Report has 1.326 million tons of soybeans exported for the week ending February 8. That’s down from 1.75 million tons last week and from 1.69 million tons in the same week last year.
Soybeans ended the trading session on Tuesday and Wednesday. Ahead of the weekly Export Sales report, traders expected to sell between 300 thousand tons and 800 thousand tons of old-crop soybeans. Sources show that Korea has ordered 60 thousand tons of soybean meal of optional origin. Algeria is also bidding for 35 thousand tons of soybean meal.
Bean prices ended Thursday’s session sharply lower. Weekly Export Sales data shows that 353,775 tons of soybeans were sold for 23/24 delivery and 24 thousand tons for 24/25 delivery in the week ending February 8. That was below expectations and down 5% from the same week last year. USDA has 8.4 million tons of unshipped beans on its books, still 28% less than last year.
Source: thitruonghanghoa.com
SHORT NEWS
DHL opens a multimodal transport bridge between Singapore – North America and India – North America.
(VnExpress)
Nearly all container ships have been diverted from the Suez Canal to longer routes via the Cape of Good Hope since Houthi forces stepped up attacks on ships passing through the Gulf of Aden and the southern Red Sea in December. last year.
The change mainly affects sailings between Asia and Europe, causing a typical 35-day trip to extend by two weeks while the interval between sailings to European ports becomes longer. .
(bnews.vn)
