CORN
Corn prices rose slightly on Monday after the USDA confirmed sales to Mexico and on concerns about the prospect of weather hampering crops in Brazil. USDA reports private sales of corn to Mexico at 104 thousand tons. In addition, hot and arid weather in Brazil also supported corn prices in the first session of the week. Importers from Iran, SLAL, have issued an international tender to purchase up to 180 thousand tons of corn for animal feed.
Corn prices closed the third session continuing to increase slightly as the market reacted to the hot weather in Brazil. Traders expect Argentine farmers may delay grain sales as they wait to see what agriculture-friendly policies the new prime minister will have.
Closing Wednesday’s session, corn prices fell slightly as traders adjusted their positions the day before the Thanksgiving holiday. USDA confirmed private sales of 128 thousand tons of U.S. corn in the 2023/24 marketing year. Closing Thursday’s session, corn prices fell, with rainfall in Brazil being the deciding factor in prices.
WHEAT
CBOT wheat prices closed the week lower after reporting weekly progress in the crop ratings with no changes for the US winter wheat crop. In addition, Russian wheat export prices were unchanged last week amid a decline in exports due to difficult weather at ports.
CBOT wheat prices rebounded on Tuesday and Wednesday on news that Russia had attacked infrastructure on a key Ukrainian export route. Ukraine’s Ministry of Agriculture also said that the sowing of winter crops is almost completed.
European traders said Jordan’s state grain agency had issued tenders to buy up to 120 thousand tons of milled wheat. Wheat prices decreased according to the general situation of world agricultural product prices the following day.
SOYBEAN
CBOT bean prices increased in the first session of the week due to hot weather in Brazil and the results of the Argentine presidential election. In the next few weeks, analysts predict Brazil will have more rain, but still not enough to provide the necessary moisture to the ground. The switch to the US dollar in Argentina also supported soybeans. This change causes producers to hold beans longer without an incentive to sell the exchange rate.
Bean prices continued to rise in the third session due to prolonged hot conditions in Brazil, but in the fourth session, wheat prices fell again as rain eased concerns about weather problems. Brazil’s soybean harvest is expected to reach a record 161.6 million tons in 2023/24 despite weather concerns. Soybean prices led the decline, with the USDA announcing it sold 452 thousand tons of beans to China.
Source: thitruonghanghoa.com
SHORT NEWS
The price of 5% broken parboiled rice exported by India increased continuously this week. Exporters in southern Andhra Pradesh said that as rice prices in other rice exporting countries increased, buyers returned to India to save more costs. India still maintains an export tax rate of 20%. (bnews.vn)
The UN warns that Ukraine may not be able to supply enough wheat in the future if attacks continue. (reuters.com)
