Corn
Closing the first session of the week, the price of CBOT corn fell sharply because traders expected the US crop situation in July to have positive improvements. Information about abundant supply from the harvest taking place in South America is an important factor affecting CBOT prices.
By the middle of the week, the price of raw materials at CBOT simultaneously increased thanks to the support of the world crude oil price.
China’s moves to Covid-19 regulations for international passengers have helped support the price increase of agricultural products.
At the end of the week, the price of CBOT corn and other raw materials dropped sharply before the market on the US Independence Day lasted until July 4.
Wheat
In the same trend, CBOT wheat prices fell sharply due to supply pressure from the fast-paced harvest in the US. In Russia (the country with the largest wheat production in the world) is also preparing for a new harvest with extremely positive prospects.
After a slight rally on Tuesday, by midweek wheat prices turned slightly lower due to the impact of supply forecasts.
Beans and Dried Beans
For Soybean and Soybean Meal, closing the first session of the week with prices increased, marking the 2nd consecutive recovery session. Unlike corn, USDA’s forecast is for a downward revision to the U.S. soybean seed acreage estimate in the Quarterly report.
In the middle of the week soybean and soybean meal prices increased sharply due to concerns of a strike by truck drivers in Argentina leading to export delays. It is known that Argentina is the largest exporter of soybean in the world.
Soybean and soybean meal prices fell at the weekend thanks to the end of the strike from truckers. This also makes the grain flow to be promoted back to normal.
