CORN
Closing the first session of the week on November 14, corn price decreased by 0.3 USD/ton. On November 16, CBOT corn price decreased by 0.6 USD/ton. Closing session on November 17, CBOT corn price adjusted slightly back to 0.9 USD/ton, supported by very positive export information from the US.
US ethanol production fell sharply by 894 thousand barrels compared to the previous week, the first decrease after increasing continuously in the previous 6 weeks.
WHEAT
Closing the first session of the week, wheat price increased by 1.8 USD/ton, world wheat price supported the increase due to information about unfavorable crop situation in Argentina.
By the session of November 16, the price of CBOT wheat fell by 4 USD/ton when the market was less concerned about the situation between Russia and Poland. Closing session on November 17, CBOT wheat price decreased by 4 USD/ton.
Ukraine has exported nearly 15.6 million tons of grain since the beginning of the 2022/23 crop year, down more than 30% compared to the same period last year.
Ukrainian grain export agreement extended for 120 days.
BEAN AND SOYBEAN MEAL
Soybean and soybean meal prices closed at the beginning of the week on November 14, down 3.5 and 1.5 USD/ton, respectively. By the session of November 16, it continued to decrease by 10.3 and 3.6 USD/ton, respectively.
Closing the session on November 17, the prices of soybeans and CBOT soybean meal decreased by 4.5 and 1 USD/ton, respectively, following the strong downward trend of soybean oil prices.
Amaggi, one of Brazil’s largest agribusiness groups, has sold nearly 60 percent of the soybeans it expects to harvest in the 2022/23 crop.
The situation of the Covid-19 epidemic in China has experienced new and more stressful developments, thereby reducing traders’ expectations about the country’s demand for importing agricultural products.
