CORN
Closing the first session of the week on February 27, the price of CBOT corn fell by 2.9 USD/ton. Marks the fourth consecutive session of decline. At the annual Agriculture Outlook forum last weekend, the USDA’s projections showed positive potential for the 2023 corn crop in the US.
Corn prices continued to decline on February 28, due to selling pressure to take profit at the end of the month. Corn has the lowest price in the last 6 months. Prices began to fall last week due to forecasts about the outlook for this year’s US corn crop. Corn prices recovered at the close of the session on March 1, supported by buying demand, after the price dropped sharply in the previous sessions.
CBOT corn price closed the session on March 2, down slightly by 0.8 USD/ton due to the influence of negative information from the US export situation. Specifically, according to the USDA’s report on Thursday, US corn export sales for the week of February 17-23 decreased by 29.5% compared to the previous week and also below market expectations. At the end of the last trading session of the week, corn prices increased by 2.4 USD/ton due to concerns about the crop situation in Argentina.
WHEAT
Closing the first session of the week on February 27, wheat prices fell 4.5 USD/ton. Abundant supply of wheat at competitive prices from the Black Sea region, including Russia – the world’s largest wheat exporter, is still a factor putting pressure on world prices. Traders have positive expectations that the agreement on a safe corridor for grain exports in the Black Sea can be extended.
Following the market’s decline, wheat prices on February 28 continued to fall by $1.6/ton. The forecast for rainy weather in the US this week helps improve wheat crop conditions, thereby being an impact factor. decrease in CBOT price. CBOT wheat price on March 1 turned to increase by 1.7 USD/ton.
Wheat prices continued to rise on March 2, Australia’s wheat crop may face the risk of dry weather due to El Nino weather patterns in the second half of 2023 after 3 years of previous production reached a record high. green. At the end of this week, CBOT wheat price adjusted down by 1.5 USD/ton. Ukraine does not have to restrict wheat exports in the 2023/24 season because the winter harvest looks set to be larger than expected, although still smaller than usual, an agriculture ministry official said.
SOYBEAN AND SOYBEAN MEAL
Following the same trend as the market, soybean prices dropped by $4/ton, closing the session at the beginning of the week, which was the fourth consecutive decline while soybean meal prices increased by $1.80/ton. Abundant supply from the harvest in Brazil – the world’s largest wheat exporter, is an important factor driving down world prices.
Closing the session on February 28, soybean and soybean meal prices fell sharply by 12.3 USD/ton and 6.6 USD/ton, respectively, due to selling pressure to take profit at the end of the month. In last week’s report, BAGGE cut its forecast for Argentina’s 2022/23 soybean harvest to 33.5 million tons. On March 1, soybean and soybean meal prices increased by 5.6 and 3.5 USD/ton.
Closing the last session (March 2), the price of soybeans and soybean meal increased by 5.5 and 2.2 USD/ton, the price continued to recover after a sharp drop at the end of February. At the end of the week, soybean and dried prices continued to recover. soybean continued to increase. On March 2, grain exchange BAGE said it plans to make further cuts to Argentina’s 2022/23 soybean harvest forecast, as the country faces difficulties due to the impact of the pandemic continuously by drought and high temperature.
