CORN
At the end of the first session of the week, October 17, corn price decreased by 2.4 USD/ton. On October 19, corn prices continued to decrease by 1.1 USD/ton, marking the 4th consecutive decrease.
At the end of the week, corn price adjusted by 2.3 USD/ton.
U.S. corn harvest progress was 45 percent complete as of October 16, up 14 percentage points from the previous week.
US ethanol production continues to recover.
On October 20, the IGC lowered its forecast for global corn production in the 2022/23 crop year to 1.166 billion tonnes.
WHEAT
Wheat prices closed the session on October 17 with a slight increase of 0.5 USD/ton. By session 19/10, CBOT wheat price decreased by 3 USD/ton.
At the end of the week, October 20, wheat prices increased by 2.9 USD/ton.
Traders are still following the negotiations on maintaining the grain export corridor in the Black Sea of Ukraine.
India will probably sell wheat on the open market if necessary to control prices.
In Russia, on October 19, the Minister of Agriculture proposed to impose a grain export quota of 25.5 million tons for the period February 15, 2023 – June 30, 2023.
China has planned to sell 40.2 thousand tons of wheat from state storage to the market.
BEAN AND SOYBEAN MEAL
Soybean and soybean meal closed at the beginning of the week without much change. By the session 18/10, the price of soybeans and soybean meal CBOT decreased by 4.9 and 10.1 USD/ton, respectively.
The progress of the US soybean harvest has completed 63% of the area, a sharp increase of 10 percentage points compared to the previous week.
At the end of the week, the price of soybeans and soybean meal increased strongly by 7 and 12.8 USD/ton, respectively
Soybean meal prices in China are still very high due to delays in shipments from the US, leading to severe supply shortages.
In the United States, low water levels on the Mississippi River have negatively affected grain transport on an important waterway leading to export ports.
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