CORN
Closing the first session of the week on April 24, the price of CBOT corn fell sharply by $4.7/ton, marking the 4th consecutive decline due to the negative influence of the news that China had just canceled some orders to buy US grains with total volume 327 thousand tons. In the session on April 25 and April 26, corn prices continued to decrease following the downward trend of world crude oil prices. Brazil’s safrinha corn is expected to begin harvesting in June, with production expected to hit a record high of 95.3 million tonnes, according to food agency Conab forecasts. In addition, the positive news about the fast planting speed of the new crop in the US is also a factor that has a negative impact on world corn prices.
Closing the session on April 27, the price of CBOT corn fell sharply by 5.7 USD/ton. According to USDA’s report this week, US sales in the period only reached 400 thousand tons, the lowest level in the recent 15 weeks. According to international news, the price of domestic corn in Brazil has dropped recently, to near the breakeven price set by the government for farmers to sell, something that producers have not faced in the past 6 years. .
Closing the last session of the week on April 28, corn price turned to increase by 1.3 USD/ton after a prolonged decline during the week.
WHEAT
Following the downward trend of corn prices, at the close of the 24/4 session, the CBOT wheat price also dropped sharply by 6.7 USD/ton, lower than the total of 20.1 USD/canopy compared to January 18. The Russian Ministry of Agriculture has adjusted to reduce the export tax on wheat applied in the period from April 26 to May 2 to 5,678.9 rubles/ton. Closing the session on April 25, wheat price decreased by 1.8 USD/ton, on April 26, CBOT wheat price continued to drop sharply by 4.2 USD/ton. Abundant supply with competitive prices from the Black Sea is still a factor putting pressure on world prices.
Following the downward trend of corn prices, CBOT wheat prices also decreased by 4.6 USD/ton. Rainy weather this week in the U.S. has helped ease concerns about a drought associated with hard red winter wheat. Besides, there is positive information that some major wheat exporting countries such as Canada and Argentina will expand the wheat planting area in the crop year 2023/24.
CBOT wheat price increased by 1.6 USD/ton at the end of the week on April 28, following the market’s increasing momentum. The Russian side has repeatedly warned that it will not renew the Black Sea grain agreement after May 18 unless the West removes obstacles to its grain and fertilizer exports.
SOYBEAN AND SOYBEAN MEAL
Not out of the market trend, the price of soybeans and soybean meal at the close of the session on April 24 dropped sharply by 6.7 and 6.8 USD/ton. In which, soybean meal prices fell for the 5th consecutive session. Competitive supply from South America is a factor putting pressure on world prices, at this time, Brazilian farmers are now at the end of the soybean harvest, while in Argentina it is just at the beginning. .
Soybean and CBOT soybean meal prices also fell sharply by 7.3 and 5.2 USD/ton respectively in the trading session on April 25. In the US, the speed of soybean planting in the new crop is also taking place quite quickly, thereby contributing to the growth of soybean meal. negative impact on world prices.
Entering the session on April 26, the price of soybeans and soybean meal CBOT continued to decrease by 3.4 and 9.7 USD/ton.
For soybeans, the CBOT price also extended the chain of decline in the session on April 27, while for soybean meal, the price turned around and increased by 2.1 USD/ton. Brazil’s soybean expansion in the 2023/24 crop year is forecast based on current market conditions and trends, including strong demand, high prices and favorable exchange rates.
Soybean and soybean meal prices closed on April 28 with an increase of 5.7 and 5.5 USD/ton, the soybean harvest in Brazil has entered the final stage with the overall output being assessed at a very high level. helping this country continue to maintain strong export momentum in the coming time
SHORT NEW
At the seminar “Digital transformation to build a modern and sustainable logistics industry”, Mr. Phan Van Chinh – Director of the Import-Export Department of the Ministry of Industry and Trade – said the industry’s average annual growth rate is 14 – 16%. quantity and quality of logistics services are improved. Besides the remarkable results, according to Mr. Phan Van Chinh, the logistics industry also has limitations, weaknesses, and emerging problems such as: the cost of logistics services in our country is still high; The promotion of linkages between logistics enterprises, between logistics enterprises and manufacturing and exporting enterprises is still weak, and there has not been a network of large-scale logistics enterprises capable of leading the market, promoting the development of the logistics industry…
(Source: kinhte.congthuong.vn)
