CORN
At the beginning of the week, the price of corn and other commodities continuously increased strongly after the previous sharp decline. It is known that Russia and Ukraine signed an agreement to reopen ports in the Black Sea of Ukraine to serve import and export activities in the near future last week.
According to FAS forecast, Argentina corn exports in the period of 2022 – 2023 at million tons, decreased 2.2 million tons from USDA’s supply and demand report.
By the middle of the week, CBOT corn prices continued to increase due to market concerns about crop conditions in the US.
At the end of the week with a strong increase, the price of CBOT corn came to the 4th consecutive session in the last week, higher $20/usd than corn price on July 22, reaching the highest level in the past 3 weeks.
WHEAT
Wheat prices also recovered at the beginning of the week. However, the war between Ukraine and Russia is causing traders to worry about the actual ability of the grain to be exported from the country’s Black Sea ports.
It is known that in recent times, Chinese importers have signed to buy a large volume of Australian and French wheat, proving that this Asian country is taking advantage of falling prices to boost imports.
Opposition with the general trend, by the middle of the week, CBOT wheat prices turned down slightly after the previous 2 strong increases.
At the end of the week, the price of CBOT wheat also turned back quite strongly to 9.8 usd/ton
Soybean and Soybean meal
At the beginning of the week, the price of Soybean and soybean meal continued to increase due to the impact of bad weather again in the US Midwest.
Closing the session on July 26, the price of CBOT soybean meal increased sharply by 27.5 USD/ton, it was the second consecutive increase compared to the previous week, reaching the highest level since the end of March until now. On a strong uptrend, soybean meal maintained the high price.
They have increased for the 5th consecutive session, totaling 70.1 USD/ton compared to last week. Reached the highest since the end of June.
It is known that the market will pay more attention to crop conditions in August in the US because this is the period that determines the yield of cereal crops.
