CORN
CBOT corn prices on the third session were stable without much fluctuation. USDA confirms private sales of 228,000 tons of US soybean meal to the Philippines. Farmer sales have held back gains in the futures market, one analyst said.
CBOT corn prices fell on Wednesday as ample domestic grain supplies and good crop prospects in South America weighed on sentiment, traders said. Some analysts attributed the sell-off to commodity funds adding to their already large net short positions in CBOT corn futures.
Corn prices continued to decline in Thursday’s trading session. Data shows ethanol production increased to 1,084 million barrels per day in the week ending February 16. Ethanol reserves decreased by 308 thousand barrels to 25.5 million. USDA announced a private export sale of 126 thousand tons of old-crop sorghum to China. Brazil’s Anec expects February corn exports to total 716,718 tons, compared with 1.9 million tons last year.
WHEAT
Wheat prices rose on Tuesday, as short-term payments were tied to a weaker dollar, geopolitical tensions and the approaching spring growing season. Some parties attribute wheat’s strength to expectations of new US sanctions on Russia, the world’s largest wheat exporter. The U.S. Department of Agriculture reported U.S. wheat export inspections for the latest week at 380,774 tons, in line with trade expectations of 300,000 to 500,000 tons.
CBOT wheat prices closed relatively stable on Wednesday. Jordan’s state grain purchasing agency has issued an international tender to buy up to 120,000 tonnes of milled wheat that could be sourced from optional origins, European traders said.
Wheat prices rose on Thursday supported by expectations of new US sanctions against Russia as well as market spread. Warmer-than-normal temperatures across the central United States appear likely to cause winter wheat to come out of dormancy in some areas, analysts say, potentially leaving the crop vulnerable to severe cold.
SOYBEAN
CBOT soybean prices closed higher Tuesday on bargain buying after multi-year lows set last week due to spillovers from corn and wheat prices. USDA confirms private sales of 228,000 tons of US soybean meal to the Philippines.
CBOT soybeans closed lower Wednesday after a two-session rally as corn futures fell and traders worried about demand, even as analysts debated the size of the South American crop. Traders continue to watch for signs of fresh demand from China, the top global soybean buyer, after last week’s Lunar New Year holiday and as the government tries to revive a skeptical real estate sector. doubts about China’s broader economy.
Bean prices fell during Thursday’s trading session
Source: thitruonghanghoa.com
SHORT NEWS
According to recent research, US rice exported to Haiti contains unhealthy levels of arsenic and cadmium and 90% of rice in Haiti is imported from the US. The study also points to lax U.S. limits on arsenic and cadmium concentrations.
(reuters.com)
At least three U.S.-bound cargo ships are preparing to load soybeans at two ports in Northern Brazil. Unusual shipments from Brazil, the top global soybean supplier, to the United States, the No. 2 exporter, are expected to arrive in early spring, several weeks earlier than shipments from Brazil came to America before. Analysts say the price of importing beans from the South American country is now significantly lower. Although American farmers harvested a sizable crop last fall, Brazilian farmers reaped the harvest. record last year and is currently harvesting what is expected to be the second largest crop in history.
(agriculture.com)
