CORN
Closing the first session of the week (August 15), the price of agricultural products on CBOT simultaneously dropped sharply.
CBOT corn price closed the first session of the week down 5.1 USD/ton. Closing the session (August 17), CBOT corn price adjusted to increase back to 1.6 USD/ton after dropping sharply in the previous 2 sessions.
CBOT corn price closed the session (August 18) increased by 1.8 USD/ton.
Concerns about the economic situation in China are not good, which can reduce the demand for import of agricultural products including soybeans, corn, wheat, … are also important factors affecting down to world prices.
BAGE has raised this year’s estimate for Argentina’s corn production to 52 million tonnes, up about 6% from the previous report.
US ethanol production falls below 1 million barrels/day.
WHEAT
Wheat prices closed the first session of the week (August 15) down 2 USD/ton. In the session (August 17), the price of CBOT wheat fell sharply by 8.4 USD/ton, marking the 4th consecutive decrease.
Closing the session (August 18), CBOT wheat price continued to drop sharply by 11.7 USD/ton and was the 5th consecutive decrease.
The recovery of grain export supplies from the Black Sea region is helping to alleviate concerns about shortages and is also one of the important factors putting downward pressure on world wheat prices.
According to Reuters on August 18, 25 ships carrying grain left Ukraine’s Black Sea ports.
Consulting firm Sovecon on August 16 raised its estimate for Russia’s 2022 wheat production to 94.7 million tonnes, thanks to high yields in many regions and a brighter outlook for spring wheat after recent rains.
BEANS AND SOYBEAN MEAL
For peas and soybean meal, the price of CBOT closed session (August 15) sharply decreased by 15.1 and 13.8 USD/ton. In the session (August 17), the price of soybeans and soybean meal increased again to 7.7 and 5.2 USD/ton, respectively.
The price of soybeans and soybean meal CBOT closed the session (August 18) simultaneously increasing by 7.4 and 9.7 USD/ton.
The USDA’s updated report showed that US soybean export sales for the week ended Aug. 11 were high, at nearly 1.4 million tonnes, better than market expectations.
The latest forecasts show that the weather in major growing areas of the US will be rainy in the next few weeks, which could help improve soybean crop conditions.
The water level of the Yangtze River – China’s longest river is at a record low, drought threatens crops.
