CORN
CBOT corn prices fell in the first session of the week and Tuesday, although there was a bullish signal at the beginning of the session. Influence from wheat price and profit taking trend due to the increasing session from the end of last week. Even with a weaker dollar, improved weekly export testing numbers, and warmer weather, corn prices are still falling. The USDA said that traders sold nearly 112,000 tons of corn to Mexico.
Corn prices increased in the session on August 23 when the heat remained in Southern Minnesota and South Dakota. It is forecast that this weekend, the heat will appear more intense. According to AgRural, in Brazil, the first corn crop was 4.6% complete as of August 17. Ethanol production fell to average, ethanol stocks fell by 3% from last week.
Corn prices closed Thursday lower despite hot, dry weather in the central US. South Korea has purchased nearly 70,000 tons of South American or South African corn in a closed agreement, with delivery at the end of December.
WHEAT
At the end of the week, wheat prices continued to fall, the market still expects Ukraine will find a way to export grain to the coast of Romania and Bulgaria, and expect the quality of spring wheat in the United States will be improved. improve. In addition, there are rumors that India will buy wheat from Russia at a highly discounted price
Wheat prices fell CBOT more steady on Tuesday supported by global demand.
Rice prices spiked as Russia’s attack on a river port in southern Ukraine destroyed nearly 13,600 tons of grain. Wheat prices turned lower on profit-taking as prices rose on Wednesday. SovEcon raised Russia’s 2023 wheat production forecast to 92.1 million tons, higher than the USDA estimate of 85 million tons.
SOYBEAN
Going against the market trend, soybeans rose 7.25 cents at 1,370 cents/bushel, the highest in three weeks due to a favorable export outlook and concerns about the warming weather in Heartland this week. Soybean imports in China fell from the US 63% year-on-year while sources from Brazil increased 30%.
Turning to decline in the Tuesday session on August 22, soybean prices were affected by signals from the markets showing that the prospect of soybean supply from major producers is relatively positive.
The CBOT price of soybeans on August 23 increased 8.0 cents to 1359.5 cents/bushel, ahead of the weekly export report, analysts expect soybean exports in the range of 20.2 million to 53.3 million bushels. On Thursday, soybean prices continued to rise as better-than-expected export data spurred some buying.
Source: qdfeed.com
SHORT NEWS
OOCL reports a more than 60% drop in Q2 2023 revenue as container shipping returns to normal after an unprecedented boom during the pandemic
Source: Phaata.com
The foreign ministers of Russia and Turkey say that the Black Sea agreement must be extended. The agreement brokered by Turkey and the United Nations last year allowed the safe export of Ukrainian grain through the Black Sea. Ankara has been trying to convince Moscow to return to the deal. During a press conference during a visit to Kyiv, Turkish Foreign Minister Hakan Fidan said extending the grain deal was a top priority for Ankara and Russia must be included in the equation for a deal to come into force.
Although many alternative routes have been sought, the Black Sea is still the most optimal route.
Source: Reuters
Polish Agriculture Minister Robert Telus said on Friday that Poland, Bulgaria, Hungary, Romania and Slovakia support the extension of the EU ban on Ukrainian grain imports to these countries until the end of the year. now.
The European Union in May allowed Ukraine’s five neighbors to ban the sale of Ukrainian wheat, corn, rapeseed and sunflower seeds within the country, and to allow transit of those goods for export. other. That ban will end on September 15.
Source: Reuters
