CORN
Closing the first session of the week, corn prices fell slightly by 0.5 USD/ton after the agreement to export grain in the Black Sea was extended at the end of last week. Corn price decreased by 1.2 USD/ton at the close of March 21 session. Agricultural consulting firm Agroconsult on March 21 also made a positive forecast for Brazil’s corn exports in 2023, possibly reaching over 50 million tons thanks to the prospect of an abundant harvest.
Closing the session on March 22, corn prices turned to increase by 1.3 USD/ton, supported by positive information about China’s import demand. On March 22, USDA confirmed the information from Chinese exporters. In 2023 China – the world’s top corn importer is expected to buy mainly corn from the US and Brazil.
At the end of the last trading session of the week, the price of CBOT corn increased by 4.5 USD/ton. USDA’s latest daily report showed that US private exporters just signed up to sell another thousand tons of corn to China, thereby bringing the total amount of corn that the US sold to China from March 14 to 2.75 million tons.
WHEAT
Wheat prices fell 3.6 USD/ton at the beginning of the week when the agreement to export grain in the Black Sea was extended. Although no agreement is reached in 120 days as expected, the agreement will continue to create conditions for abundant grain at competitive prices from the Black Sea region to supply to the international market. .
Wheat prices continued to fall on March 21 and 22 after the official announcement to extend the grain export agreement in the Black Sea. In the United States, a weekly report released on March 20 by the USDA National Agricultural Statistics Service assessed 19% of the winter wheat acreage in the state of Kansas (the top producing region for winter wheat). east of the US) good to excellent condition, up from 17% last week.
Following the same trend as the market, CBOT wheat price on March 23 decreased by 0.5 USD/ton, marking the 4th consecutive decrease. However, at the end of the last trading session of the week, wheat price turned to increase sharply by 9.7 USD/ton after falling for 4 consecutive sessions.
SOYBEAN AND SOYBEAN MEAL
For soybeans, at the end of the week, CBOT price turned to increase by 3.5 USD/ton while soybean meal price decreased by 3.6 USD/ton, marking the fourth consecutive decrease. Abundant supply from the peak harvest is a factor that puts downward pressure as well as limits the upward momentum of soybean meal and soybean seed prices.
Following the same trend as the market, soybean and soybean meal prices decreased by 7 and 2.3 USD/ton, respectively. In which, soybean meal price fell for the 5th consecutive session, lower than the total of 22.7 USD/ton compared to 1 week ago. According to Agroconsult, the agency forecasts Brazil’s total soybean exports in 2023 at 96 million tons, the highest ever.
Soybean and soybean meal prices fell sharply on March 22 and 23. In which, soybean meal price had a series of declines lasting 7 consecutive sessions, 47.3 USD/ton lower than on March 14. USDA on March 23 updated its estimate of US soybean export sales for the week from March 10 to March 16, reaching 351.5 thousand tons, smaller than market expectations.
After a series of consecutive declines, at the end of the week on March 24, soybean and soybean meal prices rebounded to 3.2 and 7.5 USD/ton. BAGE said early soybean early harvest rates in some parts of Argentina were showing below expectations and if trends continue, further cuts in production estimates are likely.
SHORT NEWS
Vietnam is among the top 10 emerging logistics markets in the world, ranking fourth in Southeast Asia, according to Agility’s annual rankings in 2023, just behind Malaysia, Indonesia and Thailand. Agility’s ranking index is based on 4 criteria including: domestic logistics opportunities, international logistics opportunities, technology readiness index, business principles
(Source: Vnexpress)
