CORN
A new week in green covered the CBOT floor as corn increased by $2.9/ton. It is known that the price of corn has been adjusted up by a total of $8.8/ton compared to August 16. The next day, corn prices continued to increase strongly by $10.5/ton, marking the 5th consecutive increase as the market was concerned about the prospect of a US harvest.
Gradually towards the end of the week, the price of CBOT corn dropped sharply due to selling pressure to take profit after the previous strong increase. However, at the end of this week’s trading session (August 27), agricultural product prices rebounded sharply due to concerns about crop future in the US.
WHEAT
CBOT wheat prices increased by $6.3/ton at the beginning of the week. Following the strong momentum of corn, wheat prices continued to increase by $4.5/ton and $4.6/ton, respectively. Wheat prices gradually decreased towards the end of the week but ended the week with an increase due to the influence of world corn prices.
SOYBEAN and SOYBEAN MEAL
Soybean and soybean meal CBOT prices also increased sharply by $14.1/ton and $13/ton, respectively. In terms of demand, hot weather has caused drought in many areas of China, which could negatively impact soybean prices. It is known that China is the largest importer of soybeans and corn in the world.
Markets are also turning their attention to reports from the annual survey of crops in the US.
Soybean and soybean meal prices continued to increase by $14.8/ton and $8.8/ton, respectively. Marked concerns about the US crop not being as good as previously forecast.
Contrary to the general trend, in the following days, soybean and soybean meal prices decreased slightly and fell sharply at the end of the week. However, the price down of CBOT in the coming sessions may face limitations when the market is still harvesting corn and soybeans this year from the US.
