CORN
Closing the first session of the week (November 21), CBOT corn price dropped by $3.2/ton. It is known that the price of raw materials dropped sharply at the beginning of the week due to the impact of the agreement on the grain export corridor in Ukraine’s Black Sea. Besides, the USD appreciation is also a factor that has a negative impact on the raw material market.
On the next trading day (November 22), CBOT corn price continued to decrease by $ 1.1/ton but rebounded on the trading day of November 23 thanks to good buying support from investors before the US Thanksgiving holiday.
Protests against election results in Brazil led to roads being blocked in the state of Mato Grosso this week, pushing up freight rates and affecting operations, Reuters reported on November 24. action of grain traders at the time of market sale of the amount of 2nd maize crop.
WHEAT
CBOT wheat prices on November 21 also decreased by $1.5/ton and marked the fourth consecutive decline. According to information from the agriculture ministry on the same day on November 21, farmers in this country delivered the area of wheat and rapeseed increased by 15% compared to the same period last year, with the planting speed being accelerated.
Wheat prices on November 22 fell by $2.9/ton, marking the fifth consecutive decline, totaling $13.5/ton lower than a week ago.
CBOT exchange closed on 11/24 – Thanksgiving.
SOYBEAN and SOYBEAN MEAL
Going against the general trend, the price of soybeans and soybean meal CBOT on November 21 increased by $3.1/ton and $1.1/ton, marking the second consecutive increase. The Argentine government is also considering reinstating a special exchange rate program for soybean exporters, an effort to boost the country’s exports amid the nation’s foreign currency reserves need to be added.
For soybean seeds and soybean meal, closing the session (November 22), CBOT price turned back to $2.6/ton and $3.1/ton. The market is concerned about the need to import Chinese agricultural products that may be negatively affected in the context of the still tense situation of the Covid-19 epidemic.
