CORN
Closing the first session of the week (DEC 19), the price of CBOT corn fell sharply by 2.3 USD/ton when the market had concerns about the weakening global economic situation, which may slow down the demand for agricultural products.
After a sharp drop at the beginning of the week, the price of CBOT corn increased for 2 consecutive sessions, a total of 5.9 USD higher than the session on December 19. In Ukraine, the country’s agriculture minister said on December 21 that the country’s corn production was only 22-23 million tons, a sharp decrease from 41.9 million tons compared to 2021 due to a decrease in harvested area. . Also in a statement earlier this week, the Brazilian Grain Exporters Association (ANEC) cut its December corn export estimate for Brazil.
Closing the Thursday session on December 22, the price of CBOT maize fell again, a decrease of 0.7 USD/ton.
At the end of the last trading session of the week (December 23), the price of CBOT corn increased by 2.3 USD/ton following the increase of the world crude oil price because corn is one of the important raw materials for ethanol and diesel production.
WHEAT
Like corn, CBOT wheat price fell 1.8 USD/ton, bringing the price to 275 USD/ton at the end of the week.
Closing the session on December 20, the price of CBOT wheat increased by 0.7 USD/ton. In the US, a sharp drop in temperatures can cause damage to winter wheat crops, which is one of the reasons wheat prices have risen again. After the gaining session on December 20, the price of wheat continued to increase sharply by 6.3 USD/ton to close the session on December 21. Extremely low temperatures across the US Midwest are threatening winter crops
After 2 consecutive gaining sessions, CBOT wheat price dropped again at the close of the session on December 22 due to the influence of information about the US’s bad export activities.
Closing the last session of the week, the price of CBOT wheat increased quite strongly, in addition to the increase in crude oil prices, it was also affected by the information that the cold weather situation threatened winter crops throughout the Midwest plain of the United States. It is also the reason for the price increase.
SOYBEAN AND SOYBEAN MEAL
Not out of trend, the price of beans and soybean meal CBOT ended the first session of the week also fell sharply, peas fell by 7.1 USD/ton while soybean meal dropped to 15.3 USD/ton. In addition to the general cause of the downturn in the global economy, the rains that took place last weekend in Argentina, which helped improve the conditions of corn and soybean crops, which were already in a dry state, were also an important factor in the impact. influenced the price reduction of CBOT earlier this week.
The prices of soybeans and soybean meal CBOT had two consecutive increases on December 20 and December 21 after a sharp drop in the first session of the week. Bringing soybean price to 544.2 USD/ton and soybean meal to 502.8 USD/ton. IMEA also forecast on October 20 that soybean and corn production in Brazil’s largest agricultural producing state will reach a record high in the 2022/23 crop year.
The latest weather forecasts suggest that drought is returning to Argentina’s agricultural regions, adding that the delay in soybean planting progress in some areas risks reducing production. harvest amount.
Closing the session on December 22, the prices of soybeans and CBOT soybean meal dropped simultaneously. Brazil’s abundant soybean supply in the 2022/23 crop year is also an important factor putting pressure on world prices.
Like corn, soybean oil is an important raw material for the production of diesel oil and ethanol, so the price of soybeans and soybean meal increased by 4.2 USD/ton and 3.6 USD/ton respectively in the last session of the week (23/12).
