CORN
Markets closed for Martin Luther King holiday on Monday, CBOT corn prices fell on Tuesday, extending losses from Friday after crop data released by the US government showed larger-than-expected global supplies. USD on Tuesday reported more than 875 thousand tons of US corn inspected for export in the week ended January 11, a figure that was well within analysts’ expectations.
Corn prices closed Wednesday session continuing to decline under pressure from increased global supply. The market remained under pressure after the U.S. government on Friday raised its estimate for U.S. corn production to a record high and said quarterly inventories in December rose 13% from a year earlier. The dollar’s rise and weakness in stocks and crude oil during the session helped create a negative impact on agricultural markets.
CBOT corn prices closed slightly higher on Thursday as large global supply pushed the market to a three-year low. Short covering helped corn futures move higher, analysts said.
WHEAT
Wheat prices fell on Tuesday, extending a decline from last Friday’s slide, with the market weighed down by global demand and continued pressure in the corn market. Wheat prices fell slightly this week amid weak global demand. According to a report from the USDA, U.S. wheat inspected exports in the week ending January 11 were more than 234 thousand tons. In addition, analysts also said the cold in the US could affect crops in areas without snow protection.
CBOT wheat prices were largely unchanged on Wednesday as the market recovered earlier gains amid downward pressure in neighboring markets and a strengthening dollar. In demand news, Egypt’s state grain purchasing agency said it bought 360,000 tons of Russian and French wheat in an international tender.
Wheat prices closed slightly higher on Thursday as the market recovered after falling to a seven-week low. Ukraine’s agriculture minister said the situation in the Red Sea slowed down Ukraine’s agricultural exports in January. The World Trade Organization said wheat exports through the Suez Canal fell nearly 40% in first half of January down to 0.5 million tons due to attacks in the Red Sea and Gulf of Aden.
SOYBEAN
Soybean prices ended Tuesday’s session up on a technical recovery, amid volatile trading and a flurry of news with mixed guidance. According to analysts, China’s once-skyrocketing bean demand will fall by about ⅕ in the first quarter of 2024 compared with the same period last year. USDA said the amount of US soybeans inspected for export in the week ending January 11 was more than 1 million 264 thousand tons.
Closing the fourth session, CBOT bean prices turned down due to facing fierce competition in export activities from Brazil. Brazilian soybean shipments to China, the world’s top importer of the oilseed, are cheaper than U.S. exports, raising concerns about demand, an analyst said.
Bean prices closed sharply higher on Thursday as the market recovered after hitting its lowest level in more than two years, with short buying and technical buying helping to boost prices as the market became oversold after recent declines. In China, the world’s largest soybean buyer, officials have approved additional genetically modified soybeans and corn for import and production while expanding planting areas nationwide.
Source: thitruonghanghoa.com
SHORT NEWS
The WTO said grain shipments were gradually diverted from the Suez Canal due to attacks in the Red Sea. Red Sea wheat exports in January fell by 40% compared to the same period last year.
India’s corn exports fell sharply as domestic corn prices rose from strong demand from the country’s animal feed and ethanol industries. Traditional Indian maize importers, such as Vietnam, Nepal and Malaysia, have shifted purchases to South American countries that are offering lower prices. They said Indian corn costs about $300/ton, compared to $230/ton in South American countries.
