CORN
Closing the trading session at the beginning of the week, CBOT corn prices decreased, the main impact came from the export situation of the US and Brazil. USDA said US corn deliveries in the week ended October 12, a significant decrease compared to the previous week. This disappointing data has put strong pressure on CBOT corn prices. In addition, severe drought also disrupted barge exports in Brazil. In addition, the US also sold 200 thousand tons of corn to Mexico.
Corn prices turned lower on Tuesday as traders watched the progress of the harvest from the US. USDA reported on Monday that farmers here had harvested 45% of their corn crop.
CBOT corn prices closed higher on Wednesday after three days of losses, with summer harvest pressure weighing on the market.
Following market trends, with corn prices rising in Thursday’s trading session, difficult logistics in Brazil could create a short-term opportunity to improve US export demand.
WHEAT
Closing the first session of the week, CBOT wheat prices increased slightly, marking the third consecutive session of increase due to China’s unexpected purchases from the US after months of weak export demand. Many traders withdrew from the market due to uncertainty about the conflict between Israel and Hamas
Following the same trend as corn prices, wheat prices closed the Tuesday session, October 17, slightly down after two previous strong increases. Prices decreased because the market received positive information about supply prospects from Russia.
Wheat prices edged higher on Wednesday on bargain buying and short selling. India is increasing the purchase price of domestically produced new crop wheat by 7% to encourage farmers to expand cultivation areas as New Delhi tries to increase output.
At the end of Thursday’s trading session, wheat prices increased sharply. USDA said more than 630 thousand tons of wheat were sold for export in the week ending October 12.
SOYBEAN
Soybean prices recovered in the first session of the week after the previous series of declines. USDA cut soybean production in its monthly report from 50.1 bushels/acre to 49.6 bushels/acre. Productivity decreased while area remained unchanged, causing output forecasts to also be lowered compared to last month’s report. In addition, the USDA report also said that the US sold 1.06 million tons of beans in the week ending October 5.
Closing Tuesday, soybean prices rose on solid demand for supplies from the US, with the market buzzing about China buying beans from the US. Brazil – the largest soybean supplier in the US – said it will likely produce a record of nearly 165 million tons of oilseeds in the 2023/24 crop year.
Soybean prices continued to rise on Wednesday and Thursday amid strong demand for supplies from the US and ongoing drought concerns in Brazil. USDA said it sold 132 thousand tons of beans to China.
Source: thitruonghanghoa.com
SHORT NEWS
Indian food prices may stabilize in the next few months, Mr. Sanjeev Chopra said India has enough supply and will take a number of actions to ensure price stability (reuters.com)
Director of the Maritime Administration – Mr. Le Do Muoi said that Vietnam is a country with great potential for shipping, including 34 seaports and 296 wharfs that can handle a cargo volume of about 750 million tons/year. Along with opportunities, there are still many challenges when facing climate change issues, this is the motivation to invest in green energy transformation in the logistics industry. (congthuong.vn)
