CORN
Closing the first session of the week on February 13, the price of CBOT corn increased by 1.8 USD/ton. According to a report last week by grain exchange BAGE, the agency maintained Argentina’s 2023 corn production forecast at 44.5 million tonnes, unchanged from last month’s report and well below the figure. 52 million tons last year.
CBOT corn prices closed on February 14 and February 15, and turned down due to selling pressure to take profit on the exchange after a strong increase at the end of last week
Closing the session on February 16, the price of CBOT corn for March term did not have much change , down 0.1 USD/ton, while corn for May term increased slightly by 0.4 USD/ton.
Closing the last session of the week on January 17, corn price increased slightly by 0.6 USD/ton. The grain exchange BAGE said on Monday that early frosts in the coming days could further damage the corn crop in the south of Argentina’s main farming region. This added to the market’s worries about the outlook for Argentina’s output this year, as the crop had previously been negatively impacted by prolonged drought. The exchange on February 17 said that Argentina’s corn exports for the period from March to June this year will only reach about 8.7 million tons, a sharp decrease of 40% compared to the same period last year.
WHEAT
CBOT wheat price closed the first session of the week on February 13, increasing by 2.2 USD/ton. The market has concerns about the prospect of grain exports from the Black Sea region that may be negatively affected when the conflict situation between Russia and Ukraine becomes increasingly tense.
Along with the market trend, CBOT wheat prices closed on February 14 and February 15, due to selling pressure to take profit. India’s government on Tuesday said its estimate of the country’s 2023 wheat production could rise 4.1 per cent to a record 112.2 million tons, as high prices have spurred farmers to expand acreage. and weather conditions are also favorable.
CBOT wheat prices fell on February 16, down 1.5 USD/ton, marking the third consecutive decrease. According to Reuters on February 16, StoneX’s head of commodity risk management said it is still uncertain whether the safe shipping channel for Ukraine’s grain exports will continue into March. no, however, on the Russian side, the country may still have an abundant supply of wheat at competitive prices for export.
Closing the last session of the week on February 17, wheat price increased slightly by 0.1 USD/ton. Traders continue to monitor grain imports and exports in the Black Sea region, with concerns about the prospect of supplies from Ukraine, as Russia recently raised criticism about the safe corridor. Negotiations on extending the grain export agreement will begin in a week.
SOYBEAN AND SOYBEAN MEAL
Soybean and soybean meal closed at the beginning of the week with an increase of 0.1 and 5.1 USD/ton. In which, soybean meal increased for the fourth consecutive session. According to Chinese media, the country will step up promotion of soybean and soybean oil and cooking oil production, an effort to increase its ability to become more self-sufficient in its main food sources.
CBOT bean and soybean meal prices dropped simultaneously on February 14 and February 15. According to Agrural’s report on Monday, the progress of soybean harvest in Brazil has been accelerated, completing a total of 17% of the area.
Closing the last session on February 16, the price of soybeans and soybean meal increased back to 0.3 USD/ton. Consulting firm AgRural on February 16 updated its estimate of Brazil’s soybean production at 150.9 million tons, although this is still an all-time record, but down 2 million tons from the previous report. .
CBOT soybean price last week increased slightly by 0.3 USD/ton, while soybean meal price decreased by 0.3 USD/ton. The market is concerned about the frosty weather in Argentina that could damage the soybean crop.
