CORN
CBOT corn price closed at the beginning of the week with a strong increase of 4 USD/ton. In Argentina, the Urgara Grain inspectors union earlier this week launched a 24-hour strike that caused delays in shipments at key river ports in the agricultural shipping hub Rosario, the administration office. port manager CAPYM said.
Closing the session on April 18, the price of CBOT corn continued to increase slightly by 0.4 USD/ton. Analysts expect rainy weather to continue in the Midwest for the rest of the week, raising concerns that it could delay planting of the new crop.
In the session on April 19, the price of CBOT corn decreased by 2 USD/ton following the downward trend of world crude oil prices while the US dollar appreciated. Markets were concerned that the US Federal Reserve’s continued interest rate hikes could curb energy demand and drag down grain prices. Prices continued to fall at the sessions of April 20 and April 21, according to world crude oil prices. The International Grains Council (IGC) on Thursday raised its forecast for global corn production in the 2023/24 season by 6 million tons to 1.208 billion tons.
WHEAT
Closing the session at the beginning of this week, CBOT wheat prices increased by 5.1 USD/ton, as the market grew concerned about the uncertainty over the supply of grain exports from the Black Sea region. The Russian Ministry of Agriculture said that the country has sharply increased the export tax on wheat applied in the period April 19 – April 25 to $ 70.51 / ton
CBOT wheat price closed on April 18 with a slight increase of 0.6 USD/ton. For winter wheat, the proportion of crops grown in good – very good conditions in the US accounted for only about 27% of the area as of April 16, the lowest level since the 1980s.
According to the market trend, at the close of April 19, April 20 and April 21, wheat prices fell sharply in addition to falling crude oil prices, positive information about abundant supply from Russia is also a factor that affects the price of wheat. decrease in world prices.
SOYBEAN AND SOYBEAN MEAL
Closing the first session of the week, soybean and soybean meal prices rebounded strongly to 6.1 and 6.6 USD/ton, as the market had concerns about a strike at Argentina’s important port area if it lasted longer. may lead to delays in agricultural exports. Although this year’s soybean production has decreased significantly, Argentina is still the largest soybean meal exporter in the world.
Soybean prices in April 18 session increased slightly by 0.8 USD/ton while soybean meal price decreased by 5.1 USD/ton due to selling pressure to take profit on the trading floor after the previous strong increase.
Closing the session on April 19, April 20 and April 21, soybean and soybean meal prices fell sharply, respectively, following the downward trend of world crude oil prices. In Brazil, the abundant export supply helped make up some of the shortfalls from Argentina this year.
SHORT NEW
Too much inventory puts pressure on the profits of many companies, leaving excess supply and storage costs unable to reduce, according to CNBC.
In a recent CNBC survey, 36% of people said they expect inventories to return to normal in the second half of this year, 21% want to return to normal in the first half of this year, and the rest expect inventory levels to return to normal in the second half of the year. wait until the first half of 2024. However, supply chain managers cannot be sure of when to tackle the oversupply.
(Source: vnexpress.vn)
