CORN
CBOT corn prices closed sharply higher on Monday as the market dropped to its lowest price in three years.
CBOT corn prices rose for two consecutive sessions on Tuesday, as the market was extending its recovery. Large world supplies and competition in the global export business continue to weigh on the market, limiting recovery. Chinese importers are believed to have bought large amounts of corn for animal feed from Ukraine in the past week, European traders said.
Corn prices increased sharply in Wednesday’s trading session. Taiwan is bidding for up to 65 thousand tons of corn. Sources say China has ordered at least 240 thousand tons of Ukrainian corn without bidding.
Corn prices were volatile during Thursday’s trading session, after a volatile technical day that saw futures prices flat and abundant domestic and global corn supplies continue to flood the market. USDA reported US 2023/24 corn export sales for the week to February 22 at 1,082,300 tons, in line with market expectations of 600,000 to 1,200,000 tons.
WHEAT
Wheat prices closed sharply higher on Monday as the market recovered from earlier declines. Short-term covering, along with spillover support from corn gains, helped lift wheat prices.
Closing the third session, wheat prices closed higher due to technical selling. Traders said European wheat futures followed gains at CBOT, but heavy supplies in exporting countries continued to dampen sentiment.
Wheat prices turned lower on Wednesday as forecasts of large Russian output showed strong competition in the global export business. Talk of a potential delivery of the March contract on the first announcement day on Thursday pushed the front-month contract lower, brokers said. The U.S. Department of Agriculture is expected to report 2023/24 U.S. wheat export sales of between 200,000 and 500,000 tons for the week ended Feb. 22, analysts said on Thursday.
Wheat prices were mixed in Thursday’s trading session, with short selling boosting nearby contracts. However, wheat futures, especially deferred wheat, continue to face pressure from widespread weakness in corn and soybeans combined with a strong dollar and stiff competition for operations. global export business, traders said. The US Department of Agriculture (USDA) reported US 2023/24 wheat export sales for the week to February 22 at 327,300 tons, in line with market expectations of 200,000 to 500,000 tons .
Russia has abundant exportable grain supplies, analysts say, and Ukraine’s grain exports in February exceeded last year’s level by nearly 12%.
SOYBEAN
Closing the first session of the week, CBOT bean prices increased as short selling appeared when prices fell to a 3-year low last week. Analysts say the US still faces stiff competition for soybean export sales from South America.
Bean prices closed the third session up slightly. USDA announced a private export sale of 123 thousand tons of old-crop soybeans to unspecified destinations. USDA’s weekly Export Inspection data shows that 974,977 tons of soybeans were exported in the week ending February 22. This number decreased by 316 thousand tons compared to last week but increased by 209 thousand tons compared to the same week last year. USDA also landed more than 100k tons of beans in previous reports, bringing cumulative total exports to 33.05 million tons – still 21.6% lower than last year at this time.
Bean prices tend to decrease slightly in Wednesday’s trading session, weekly soybean export sales are expected to reach from 100 thousand tons to 600 thousand tons in the week ending February 22. Consulting firm AgRural marked Brazil’s soybean harvest as 40% complete, up from 33% at the same time last year.
Closing Thursday’s trading session, bean prices fell to low levels due to pressure from improved South American weather, dismal US export sales and more contract deliveries than expected.
Source: thitruonghanghoa.com
SHORT NEWS
The Indian government said rice output fell for the first time in eight years due to below-average rainfall, while wheat output was expected to rise 1.3% from a year ago. Falling rice output raises the possibility that Prime Minister Narendra Modi’s government will extend grain export restrictions to curb food prices ahead of the general election.
Extended export restrictions could further increase food prices due to low inventories in other key exporting countries including Thailand, Vietnam, Pakistan and Myanmar.
(reuters.com)
The conflict in the Red Sea could last until the second half of 2024, continuous attacks by Houthi rebels are continuing to influence the global supply chain and the expanding economy.
(als.com.vn)
