CORN
Closing the first session of the week (July 18), the price of CBOT corn increased following the upward trend of world crude oil prices and the cooling of the US dollar.
By the middle of the week, the price of CBOT corn dropped sharply by $6.1/ton, after the USDA’s weekly update report showed that the weather situation will be rainy in the Midwest region, the crop conditions in the US are not bad as the market fears.
From the middle of the week to the end of the week, the price of CBOT corn continued to decline sharply, marking the 3rd consecutive decrease.
US ethanol production has rebounded.
WHEAT
For wheat, CBOT price closed at the beginning of the week (July 18) recovered back to $13.2/ton thanks to good buying power after the previous drop. In the session (July 19), CBOT wheat prices turned down but to a small extent.
By the end of the week, wheat prices had fallen sharply as the market was increasingly expecting the resumption of Ukrainian grain exports.
According to Reuters, the Turkish President said that Ukraine, Russia, Turkey and the United Nations Secretary-General will sign an agreement on July 22 to reopen Ukraine’s Black Sea ports for exporting military equipment glass.
The Buenos Aires Grain Exchange (BAGE), estimated Argentina’s 2022/23 wheat planting area to fall to 6.1 million hectares, 0.1 million hectares lower than previously reported.
BEANS AND SOYBEAN MEAL
The price of CBOT soybean oil closed at the beginning of the week and continued to increase.
By the session 19/7, the price of CBOT soybeans dropped sharply by 7.3 USD/ton following the downward trend of soybean oil price.
At the end of the week (July 21), the prices of soybeans and CBOT soybean meal continued to drop sharply by 11.2 and 2.3 USD/ton, respectively.
The world soybean oil price fell because this commodity is facing greater competition from the supply of palm oil and sunflower oil.
Soybean oil exports have fallen sharply from Argentina, the world’s largest exporter of soybean oil and soybean meal.
