CORN
In contrast to wheat prices, CBOT corn prices decreased in the first session of the week because farmers conducted harvests in the US and rains in Argentina somewhat cooled the weather in this region.
Corn prices continued to decline on Tuesday and have hit a two-week low on technical selling. The US harvest has put pressure on market prices.
Corn prices continued to decline, ending Wednesday’s trading session with corn prices falling to their lowest level in three weeks due to a decline in beneficial rainfall in South American growing regions. In addition, technical selling also put pressure on corn prices in recent sessions. Corn prices appeared unchanged from the previous session on Thursday after falling to a three-week low. Analysts said the rains were putting pressure on prices, and in the US Midwest the rain was delaying the harvest. USDA reported corn export sales of more than 1,350,000 tons, above analysts’ expectations.
WHEAT
Wheat prices closed the first session of the week slightly higher; wheat planting was 77% completed last week. The weekly export report shows that the amount of wheat exported in the week to October 19 was nearly 170 thousand tons.
Wheat prices ended Tuesday down on profit-taking after Monday’s gains. Rains in Argentina last weekend also made the market weaker. Prices continued to decline on Wednesday due to favorable rains in the Plains growing areas.
After two consecutive sessions of decline, wheat prices turned up in the fifth session due to concerns reappearing over risks to the global grain supply from the Ukraine war. Weekly wheat export sales in the 2023/24 crop year are more than 360 thousand tons, lower than analysts’ expectations.
SOYBEAN
Closing the first session of the week, bean prices were lower on Monday as the US harvest was progressing, and farmers were selling their new crop. Expected rainfall in Brazil will improve the outlook for soybean farmers, analysts say.
Bean prices rose on Tuesday thanks to spillover support from a seven-month high in soybean meal. Chinese importers have also just signed agreements to purchase billions of dollars’ worth of agricultural products in Iowa.
At the end of Wednesday’s trading session, bean prices turned down as growing areas in South America received favorable rains. Prices continued to fall on Thursday as rainfall improved in South America’s dry growing regions. USDA reported that exporters sold 110 thousand tons of US soybeans to China.
Source: thitruonghanghoa.com
SHORT NEWS
India’s agriculture ministry said in its estimate that summer rice production totaled 106.3 million tons (reuters.com).
The Indian government recently set a minimum onion export level of 800 USD/ton to ensure domestic supply and price stability. (reuters.com)
