CORN
Closing the first session of the week, CBOT corn prices fell as support from rising wheat prices was offset by pressure from abundant grain supplies and weak demand. The USDA is expected to report an increase in U.S. corn stocks March 1 from a year earlier. Its planting report is expected to show that U.S. farmers are planning to reduce corn plantings to 91.776 million acres from 94.641 million acres last year, according to a Reuters poll.
Corn prices continued to decline Tuesday on par with Thursday’s USDA quarterly stocks and futures planted acreage report. Given the lack of market-impacting news, analysts attributed the volatile trading to two-sided positioning and a sell-off by farmers ahead of Thursday’s report.
Corn prices fell for the fourth consecutive session, ending the fifth trading session due to technical selling. The volatile session was attributed to traders weighing positions and reducing risk ahead of Thursday’s report, which has a history of shaking markets, analysts said. Pressure from abundant corn supply continues to weigh on the market.
WHEAT
Closing the second session, wheat prices increased but the increase was still limited due to tensions in the Black Sea. Market rumblings over a disagreement between Russia and the top private exporter initially pushed up wheat futures, analysts said. They said the conflict revolved around the government seeking tighter control of the country’s exports.
Wheat prices turned lower on Tuesday as large Russian supplies, a strong dollar and weak Chinese demand pressured the market. Traders turned their attention to US grain and crop stocks data provided by the US Department of Agriculture on Thursday. Analysts said tensions in the Black Sea on Tuesday were no longer a factor influencing markets.
Wheat prices steadied on Wednesday, as traders adjusted positions ahead of Thursday’s U.S. Department of Agriculture report, which also shrugged off concerns about Black Sea tensions affecting agricultural exports. product.
SOYBEAN
Bean prices steadied Monday as traders closed short positions ahead of the USDA’s acreage outlook report on Thursday. The USDA planting report is expected to show that US farmers are planning to increase soybean acreage from last year. Fierce competition for US export sales from Brazil and concerns about demand from top importer China still linger in the market.
Following the trend in wheat, bean prices fell on Tuesday as farmers sold some old crop supplies ahead of the USDA report. Analysts said Monday’s short selling of soybeans fueled farmer sales on Tuesday, as farmers sell off old crop supplies and look to minimize risk ahead of Thursday’s reports and the upcoming spring planting season. Competition is fierce for sales US exports from Brazil and concerns about demand from top importer China still linger in the market.
Closing Wednesday, soybean prices continued to decline as investors looked to de-risk ahead of USDA’s quarterly grain stocks and Thursday’s outlook crop report.
Source: thitruonghanghoa.com
SHORT NEWS
Malaysia requested an additional 500 thousand tons of white rice from India, this request will be added to the 170 thousand tons of white rice that India previously allocated to Malaysia this year.
(reuters.com)
