CORN
The corn harvest in Argentina is 44% complete with an estimated production of 34 million tons, down 2 million tons from the previous forecast (According to the Buenos Aires Exchange). As for Brazil, the second corn crop is estimated at 97.9 million tons. CBOT corn prices closed at the end of the week on June 30, hitting a 3-week low as rain in the Midwest boosted production prospects. In addition, a stronger dollar puts pressure on US grains to be less competitive globally.
The International Grain Council has cut its forecast for global corn production for the 2023/24 season to 1.211 billion tons
WHEAT
The price of wheat traded on the CBOT exchange fell in the first session of the week on June 26 after news about terrorism in Russia at the weekend increased prices. And experts predict that the agreement to extend the grain corridor in the Black Sea will not be extended until July 18.
A strong dollar makes US grains less competitive globally. Wheat export sales in the US for the week to June 22 in the USDA report stood at 155,200 tons, in line with trade expectations of 50,000 to 400,0010 tons. Global wheat production is forecast at 783 million tons, up 3 tons from the previous month (According to the International Grains Council).
SOYBEAN AND SBM
Soybean prices fell while soybean meal prices rose for July futures. Soybean’s gains this week were limited by a hurricane that passed through the heart of the US Midwest crop belt and forecast more storms. showers in the next 2 weeks to stabilize or improve crop conditions. The USDA said about 63% of U.S. soybean production was affected by the drought as of June 27. US export sales for the week to June 22 stood at 244,400 tons, heading towards the low end of trade expectations.
Source: dautuhanghoa.vn
