CORN
Corn price closed the first session of the week on March 13, down 1.5 USD/ton. Commodity markets in general are under downward pressure due to concerns about the global supply economy after the collapse of US Silicon Valley Bank. In addition, the US crude oil price closed at the beginning of the week, which also dropped sharply, causing the price of corn to drop.
At the close of the session on March 14, the price of corn increased by $ 2.8 / ton, the price fell to a low level last week, prompting traders to buy. USDA on March 14 confirmed that US private exporters had just signed to sell 612 thousand tons of corn to China. To the session on March 15, corn prices increased by 2.3 USD/ton, due to the uncertainty about the grain deal negotiations in the Black Sea, especially the statement that Russia only wants to extend the agreement by 60 days. . In addition, the positive news about import demand for corn from China this week also supported the price increase.
At the end of the last session, CBOT corn price increased by 2.4 USD/ton, marking the third consecutive increase after falling last week, supported by buying demand from China. Continuing the growth momentum, the last session of the week corn price increased by 0.6 USD/ton. In the last 4 days (March 14 – March 17), USDA continuously confirmed new corn orders that US private exporters signed to sell to China, with a total volume of about 2.1 million tons.
WHEAT
For wheat, at the end of the week, the price increased by 1.9 USD/ton, supported by buying demand on the trading floor after the previous deep drop. On March 9, the price of wheat fell to the lowest level in the past 18 months, thereby attracting the buying demand of investors.
Not out of trend, wheat price on CBOT on March 14 increased by 4.3 USD/ton. International traders continue to pay much attention to the extension of the grain export agreement in the Black Sea, which is expected to be officially announced later this week. Wheat prices continued to increase in the session on March 15, due to uncertainty about the deal in the Black Sea. Turkey said it would continue discussions so that the grain deal in the Black Sea could be extended for 120 days instead of just 60 days.
Wheat prices dropped 1.3 tons in the session on March 16. According to Reuters, the United Nations is also supporting an extension of the grain import and export agreement in the Black Sea by 120 days instead of 60 days as proposed by Russia.
By the last session of the week on March 17, the price of wheat returned to twang 4.2 USD/ton. Traders are waiting for the final decision on the extension of the grain import and export agreement in the Black Sea.
SOYBEAN AND SOYBEAN MEAL
Soybean seed and soybean meal prices closed at the beginning of the week down 5.8 and 7.3 USD/ton, respectively. Currently, Brazilian farmers are in the process of harvesting the soybean crop in 2023, abundant supply with output forecasted to reach an all-time high, which is putting downward pressure on world prices. .
CBOT soybean and soybean meal prices closed on March 14, increasing by 0.9 and 2.1 USD/ton, respectively, due to market concerns about Argentina’s supply prospect this year. On the other hand, the growth of soybean meal and soybean meal is also limited when Brazil is in the period of high harvest season with a very high output.
There was an opposite trend, at the close of the session on March 15, the price of soybeans and CBOT soybean meal dropped by 1.6 and 3.1 USD/ton. In Brazil, farmers are in the period of harvesting the crop with a very high yield. However, in the session of March 16, soybean seed price increased slightly by 0.8 USD/ton while soybean meal price dropped sharply with 4.9 USD/ton.
BAGE cut its soybean production forecast to 25 million tonnes. This level of production is considered to be the lowest in nearly a quarter of a century as lack of rain and record high temperatures have destroyed the agricultural sector.
At the end of the week, soybean and soybean meal prices fell by 5.5 and 8.8 USD/ton, respectively. In which, soybean meal prices fell for the third consecutive session.
SHORT NEW
From March 27, container trucks entering and leaving Cat Lai port must complete online check-in procedures 2 hours before arrival. Online check-in is intended to reduce the time the vehicle waits to complete the procedures for entering the container port. The driver knows the status of the shipment before arriving at the port and completes the missing procedures. As a result, container trucks will minimize the time to wait and check in front of the port, which is the cause of congestion.
(Source: Vnexpress)
