CORN
CBOT corn prices fell early in the week, with a firm dollar contributing to bearish sentiment, making US grains less competitive in global markets. Corn attracted fundamental support as CBOT wheat rallied after Russian airstrikes damaged agricultural businesses and destroyed several industrial buildings in the Black Sea port of Odesa. The Black Sea port city of Mykolaiv was also attacked. In South America, Brazil’s second-crop corn planting is almost at 97%, compared with 93% a week ago and 91% a year ago, consulting firm AgRural said. The U.S. Department of Agriculture reported U.S. corn export inspections for the latest week at 1,238,897 tons, toward the top of trade expectations of 900,000 to 1,250,000 tons.
Corn prices rebounded on Tuesday as spillovers from rising wheat prices and adverse weather risks in the US Corn Belt supported the market. In South America, Brazil’s second-crop corn planting was almost at 97%, compared with 93% a week ago and 91% a year ago.
China customs data has 6.2 million tons of corn imports from 2024 through February. Of the total, Brazil contributed 4.1 million tons of corn and 770 thousand tons originated from the United States. China apparently approved another 27 genetically modified corn varieties for planting on Tuesday.
Closing Thursday’s trading session, CBOT corn prices increased slightly as investors’ technical buying and short covering offset pressure from a wave of farmer selling. The U.S. Department of Agriculture (USDA) reported U.S. corn export sales for the week ended March 14 at 1,185,800 tons, in line with trade expectations of 800,000 to 1,400,000 tons.
WHEAT
CBOT wheat prices closed higher on Monday as Ng’s weekend attacks on Ukrainian ports added to risks to exportable grain supplies from the Black Sea region. Russia’s sporadic attacks on Ukrainian ports have drawn limited reaction from grain markets in recent months because they have not disrupted Ukraine’s major exports through the Black Sea corridor. Meanwhile, Russian wheat export prices rose last week for the first time since early January after a long period of decline, analysts said. Also bearish, the U.S. Department of Agriculture reported calls U.S. wheat export inspections for the latest week were at 302,302 tons, the lowest in six weeks and falling to the low end of trade expectations of 300,000 to 500,000 tons.
Wheat prices continued to rise in the third session due to renewed concerns about a war between grain exporters Russia and Ukraine, as well as shortfall compensation ahead of upcoming USDA reports. However, a strengthening US dollar and large wheat supplies in top exporter Russia limited gains.
Wheat prices turned lower on Wednesday as concerns about war disruption to Black Sea trade eased traders waiting for the outcome of Egypt’s import tender. Russia’s weekend strikes against Ukraine’s port cities pushed wheat in Paris and Chicago off 3-1/2-year lows earlier this month, encouraging some financial investors to short-sell.
Wheat prices turned up again on Thursday. USDA’s weekly export sales report showed US old-crop wheat canceled in the week ending March 14 totaling 109,600 tons. USDA reported net sales of new crop wheat for the week at 285,900 tons.
SOYBEAN
In contrast to wheat, pulses fell on Monday as the harvest in Brazil progressed and boosted oilseed sales by farmers in South America. The U.S. Department of Agriculture reported U.S. soybean export inspections for the latest week at 686,181 tons, in line with multiple trade expectations of 300,000 to 1,150,000 tons.
Bean prices fell on Tuesday in technical trading as pressure from Brazil’s ongoing harvest and concerns about slowing Chinese demand for supplies from the United States kept prices in check. Analysts say Brazil continues to offer cheaper soybeans on the world market. China, the world’s largest soybean importer, has approved more genetically modified corn and soybean varieties with the aim of developing and growing more high-yielding crops.
Bean prices rose on Wednesday on bargain buying and news of new US export sales. The US Department of Agriculture (USDA) confirmed sales of 120,000 tonnes of US soybeans to undisclosed destinations, the first daily sales announcement since February 27.
Bean prices closed high on Thursday as investors shorted ahead of key government reports. Heavy rain and hail in Argentina this week have threatened the country’s soybean crop. However, some forecasts say the weather will be drier in the coming days. The U.S. Department of Agriculture (USDA) reported U.S. soybean export sales for the week ending March 14 at 494,000 tons.
Source: thitruonghanghoa.com
SHORT NEWS
India suddenly extended its onion export ban indefinitely before the general election, causing onion prices to increase in foreign markets.
(reuters.com)
