CORN
Closing the first session of the week, the price of agricultural products on the CBOT floor recovered after having had a strong drop before. Corn price increased by 2 USD/ton, the sharp increase in crude oil price was the main reason for the price increase. Earlier this week, the market was also concerned about the slow progress of corn planting in the northern plains of the US. Currently, US farmers are gradually entering the time to plant a new corn crop (2023/24), in the coming time, relevant information about the crop situation in this country will be a factor that will have a significant influence on world prices. .
At the close of the session on March 28, corn prices dropped by 0.4 USD/ton. Prices were little changed as traders await the USDA annual crop forecast report to be released on March 31. In the session on March 29, the price of CBOT corn increased by 1.3 USD/ton. The positive news on China’s recent price increase in import demand for US corn is a factor that helps support CBOT prices.
Corn prices continued to decline by $0.4/ton on March 30, but rose sharply at the end of the week when the USDA Quarterly Report on US Agricultural Inventories delivered on March 31 showed that the estimated numbers were at the low level. too low, thereby increasing the CBOT price. Accordingly, the estimated inventory of corn is only 188 million tons, down 4.6% over the same period last year and the lowest level in the last 9 years.
WHEAT
Not out of the market trend, wheat price increased by 3.5 USD/ton. As for supplies from the Black Sea region, last week a remarkable report from the Russian business daily Vedomosti reported that Moscow might temporarily halt wheat exports. However, sources from Reuters later denied this, saying that Russia has no plans to stop exporting wheat. Instead it just wants exporters to make sure the prices paid to farmers are high enough for them to cover the average cost of production.
Wheat prices closed the session on March 28, increasing slightly by $ 0.6 / ton as the market worried about the spring planting in the northern plains of the United States may be delayed due to cold weather. By session 29/3, wheat price continued to increase by 1.8 USD/ton.
Closing session 30/3, wheat price dropped by 4.6 USD/ton due to selling pressure to take profit on the trading floor after gaining 4 consecutive sessions in the previous session. However, wheat price did not change much in the last session of the week. US inventories reached 25.7 million tons, down 8.1% year-on-year, to the lowest level in 15 years.
SOYBEAN AND SOYBEAN MEAL
Prices of soybeans and soybean meal CBOT closed the first session of the week up 5.1 and 1 USD/ton. Agribusiness consulting firm AgRural on March 27 cut its estimate for Brazil’s 2023 soybean harvest to 150.3 million tonnes, 0.6 million tonnes lower than previously reported due to lower yields. expectations in the state of Rio Grande do Sul. As for Argentina, according to a report last week /23/3) of the grain exchange in Buenos Aires (BADE), the agency said that the initial yield of early-harvest soybeans in this country showed a low level. more than expected and if this trend continues, it is likely to require further cuts in production estimates.
At the close of the session on March 28, the price of soybeans and soybean meal CBOT increased strongly by 9.3 and 13.1 USD/ton, marking the 3rd consecutive increase. After a sharp decline that took place continuously over the past week. Following the same trend as the market on January 29, soybean and soybean meal prices continued to increase by 3.5 and 0.3 USD/ton, respectively.
For soybeans, the CBOT price at the close of the last session on March 30 also decreased by 1 USD/ton from the previous day. For beans, analysts expect the sown area in the US in 2023 to be 88.2 million acres. England, higher than the 87.5 million acres in 2022.
Soybean seeds and soybean meal closed at the end of the week with an increase of 11.4 and 6.7 USD/ton, respectively. Soybean stocks are estimated by USDA at 45.9 million tons, down 12.8% year-on-year and the smallest in two years.
SHORT NEW
The giant in the Danish logistics industry officially transferred the company Maersk Supply Service to A.P Moller Holding, from mid-March 2023 for 685 million USD. This acquisition marks an important turning point, completing Maersk’s strategic transition from the energy sector to focusing on the transport and logistics business.
(Source: Vnexpress)
