CORN
Closing the first session of the week, CBOT corn prices decreased slightly due to weak demand for corn and selling to take profits before the previous week’s increases. As of Sunday morning, the corn harvesting process in the US was 97% complete. The USDA said the US exported more than 400,000 tons of corn last week
Corn prices continued to decline on Tuesday as the market remained capped by a bumper US harvest. In the third session, companies from Korea bought a lot of corn originating from Europe.
Corn prices turned higher after two consecutive sessions of decline as traders were monitoring unfavorable crop conditions in Brazil. Dealers say corn spot offers are holding steady and rising in the U.S. Midwest.
Closing Thursday’s session, CBOT corn prices increased following the weekly export sales report from the USDA. Accordingly, the US sold 1,927,800 tons of corn in the week ending November 23, 2023.
WHEAT
Wheat prices fell to session lows Monday as demand was weak and traders liquidated long-term holdings. Recent survey results have shown that US wheat rankings could improve as drought conditions ease. The Pakistani government has also just issued an international tender to purchase and import 110 thousand tons of wheat.
Wheat prices turned up in the third session, Russian wheat output could reach 90 million tons by 2024 – Agritel said. Flour mills in Korea bought about 95 thousand tons of milled wheat originating from the US and Canada in an international tender.
Wheat prices continued to rise on Wednesday, analysts said heavy rain in southeastern Argentina had caused damage to wheat, the amount of damage is estimated to be more than a thousand tons.
Wheat prices rose for a third straight session on Thursday as traders assessed signs of accelerating export demand following recent low prices.
SOYBEAN
Soybean prices closed the first session of the week slightly lower due to technical trading as the market was partly supported by weather conditions in Brazil that have slowed planting progress. Brazilian farmers have planted 74% of the expected area and this is also the slowest progress in the past eight years as the country’s crop producers face extreme hot weather.
Closing the session on Tuesday, wheat leaf prices increased because Brazil showed signs that hot weather in Brazil was affecting the country’s crops and export potential. USDA confirmed the sale of more than 13 thousand tons of 2023/24 deliveries to unspecified locations.
Soybean prices closed higher on Wednesday as severe weather conditions taking place in Brazil threaten the crop. USDA announced US soybean export sales ending November 23, 2023 at 1,895,300 tons. USDA announced private sales to China reached 134 thousand tons starting September 1
Source: thitruonghanghoa.com
SHORT NEWS
PIL Shipping Line is strengthening its multimodal services in Asian countries, to Indonesia, Myanmar and Pakistan. Shipping lines are also dominating in all other major markets in the region including India. (bnews.vn)
The supply of corn in the US increased while the supply of beans decreased, which is a very rare occurrence, causing the price of beans to be relatively high compared to corn. (reuters.com)
