CORN
Corn price at the beginning of the new week has not changed much, only slightly increased from $0.2 – $0.4/ton depending on the term. It is known that US farmers are in the early stages of this year’s corn harvest.
The prices continued to increase in the next trading day with $5.4/ton. However, on September 21, corn prices turned down $2.6/ton after the previous strong increase.
On September 22, corn prices rebounded to $1.1/ton following the rise of wheat.
But at the end of the week, the price suddenly dropped sharply due to strong selling pressure on the CBOT.
WHEAT
Closing the first session of the week on September 19, CBOT wheat price dropped sharply by $10.7/mts due to the influence of the news about an increase in export supply from Russia, creating competition with commodities from America.
On the next trading day (September 20), the price of CBOT wheat rose sharply by $23.2/ton due to the market’s concerns about a stable shortage of supply from the Black Sea region. This concern stems from the recent tensions between Russia and Ukraine. However, the increase of wheat also encountered limitations due to the not so optimistic information about the global economic situation, which put pressure on the world economy forces on prices of other commodities.
Wheat prices on September 22 increased by $2.6/ton, marking the third consecutive increase, but fell deeply at the end of the week.
SOYBEAN AND SOYBEAN MEAL
Going against the trend, CBOT bean and soybean meal prices earlier this week increased by $4.7 and $9.5/ton, respectively, supported by information on Chinese demand. Soybean and soybean meal prices also increased strongly on the next trading day with $6.4 and $13.9/ton but turned down the next trading day with a decrease of $6.4/ton and continued to decline into the next trading day. September 22nd with $1.5/ton and $9.7/ton and fell deeply at the end of the week due to strong selling trend.
The US dollar has set a record high in the past 20 years, crude oil prices and agricultural commodity prices are under strong pressure following the news that the Fed will raise interest rates.
India still maintains a ban and restrictions on its rice exports with some notices allowing businesses to handle stockpiles at ports until the end of September.
