CORN
After the Christmas holiday, closing the session on December 27, the price of CBOT corn increased by 3.3 USD/ton. The market expects corn import demand to improve in 2023, after China eased anti-epidemic measures. According to SCMP news on December 26, China will open its borders and lift quarantine after downgrading epidemic prevention from January 8, 2023. In the US, the USDA’s report earlier this week showed that the country’s private exporters had just signed to sell 177.5 thousand tons of corn to Japan, which was also a support factor for the third session
Cbot corn prices closed the session on December 28 with an additional $ 3.1 / ton, marking the third consecutive increase, higher than a total of $ 8.7/ton compared to December 22. Last weekend’s rains in Argentina did not go as expected, adding to traders’ concerns about the prospects for corn production in the 2023 crop year
After 2 consecutive gaining sessions in the week, the price of CBOT corn on December 29 dropped again due to selling pressure to take profit on the exchange after the price had had a strong increase in the previous session. The Buenos Aires Grain Exchange (BAGE) said that Argentina’s corn planting progress has so far completed 62.9% of the planned 7.3 million hectares.
WHEAT
Russian wheat prices fell last week as the ruble became weaker and domestic supplies ample amid a record harvest, analysts said on Monday. Besides, Russia’s sea freight rate has also improved after the storms have passed
According to the latest report of agricultural consulting company IKAR, the price of Russian wheat with 12.5% protein as of the end of last week (December 24) was only around $ 307 / ton FOB Black Sea port for monthly shipments. 1/2023, a sharp decrease of 5 USD/ton compared to a week earlier. Thus, the price of Russian wheat exports has decreased continuously for about 3 recent weeks.
Closing the session on December 27, CBOT wheat price continued to decrease by 0.6 USD/ton, bringing the price to 284.5 USD/tons
Following the market’s uptrend on December 28, the price of CBOT wheat turned back to $4/ton. Extremely cold weather covering the United States threatening to damage winter crops is one of the reasons for the increase in wheat prices.
After a strong increase in the session of December 28, the CBOT wheat price on December 29 fell by $ 4.2 / ton due to profit-taking pressure and the estimate of wheat production was raised to 101.2 million tons higher than the previous figure. there.
Wheat prices rose sharply on CBOT in the last trading session of the year due to concerns about damage to US winter crops. Traders are awaiting specific assessments of frost damage to US winter wheat crops.
SOYBEAN AND SOYBEAN MEAL
After the Christmas holiday, the CBOT exchange reopened, closing the session on December 27, soybean and CBOT prices according to the expectation of China’s import demand increased by 1.2 USD/ton, marking the second increase in the session. consecutive. Experts believe that China’s soybean meal inventories by the end of 2022 will be at an all-time low. In addition, the rains that took place in Argentina last weekend did not meet expectations, which also caused soybean meal to increase. On the other hand, the prospect of Brazil’s very abundant supply in the 2022/23 crop year is a factor that can limit the increase in the price of soybeans and soybean meal CBOT. In general, so far, analysts have said that Brazil’s soybean harvest in the 2022/23 crop year will reach an all-time high.
Following the same trend as the market, soybean meal and soybean meal prices ended December 28 with a strong increase of 8.9 USD/ton and 16 USD/ton, respectively. The market expects China’s import demand for agricultural products, including soybeans, to increase in 2023.
Closing the session on December 29, the price of soybean meal decreased by 2.4 USD/ton while soybean went against the trend of increasing by 0.8 USD/ton. BAGE said the drought has delayed the progress of soybean planting in the 2022/23 crop year in Argentina, and recent rains have not yielded the expected effect.
At the end of the trading session on December 30, the prices of soybeans and CBOT soybean meal increased by 3.9 and 15.9 USD/ton, respectively, due to concerns about the supply of Argentina – the world’s largest soybean meal exporter.
