CORN
Closing the first session of the week (September 12), the price of CBOT corn increased sharply by USD 4.3/ton to the highest level in more than 2 months. In the session (September 13), CBOT corn price adjusted down by 1.3 USD/ton after the previous strong increase.
Closing the session (September 15), the price of CBOT corn decreased by 1.9 USD/ton.
Prices rose after the USDA revised down its forecast for this year’s US corn and soybean harvests to below market expectations.
US ethanol production fell again.
WHEAT
Closing session (September 12) CBOT wheat price dropped by 4 USD/ton. In the session (September 13) turned to increase slightly by 0.7 USD/ton and continued to increase by 4.3 USD/ton in the session (September 14).
Closing the session (September 15), the price of CBOT wheat dropped sharply by 10 USD/ton.
Agricultural consulting firm IKAR said on September 12 that the price of Russian wheat exports rose again last week thanks to improved demand from importers.
Rail transport of grain in the US faces disruptions. According to international sources on September 15, an agreement between the parties is expected to be reached to avoid the need to close railways in the US.
The market was concerned about the uncertainty over grain supplies from Ukraine, in light of Russian criticism of the UN-brokered export corridor agreement.
Dry weather adversely affected wheat crops in Argentina, farmers had to abandon some plots due to drought.
BEAN AND SOYBEAN MEAL
Closing the first session of the week (September 12), the price of soybeans and soybean meal CBOT increased strongly by 27.9 and 27.6 USD/ton, respectively. By session (September 14), the price of CBOT soybeans dropped by 8.7USD/ton, continuing to drop by 1.3USD/ton at session (September 15).
Argentina’s soybean farmers boosted sales after the government introduced a favorable exchange rate.
