CORN
Closing the session at the beginning of this week (November 28), the price of CBOT corn did not change much, increasing slightly at $0.2/ton compared to last week’s session. Prolonged drought in Argentina could pose additional risks to the 2022/2023 maize crop. CBOT corn price on November 30th decreased slightly by $0.9/ton, marking the second consecutive decrease. According to the USDA report, Brazilian corn production in the 2022/23 crop year will reach a record high of 126 million tons, an increase of 8.6% compared to the 2021/22 season.
Closing session (December 1), CBOT corn prices fell $2.6/ton after the US government proposed fuel blending requirements smaller than market expectations.
On the last trading day of the week (December 3), the price of CBOT corn decreased by $5.6/ton compared to yesterday, a total of $8.2/ton compared to the end of November.
WHEAT
CBOT wheat price closed at the beginning of the week with a sharp drop of $6.9/ton and was the second consecutive decrease, $13.5 total lower than on November 23. In addition, Russian export wheat is being sold at extremely competitive prices, adding downward pressure to the world. Contrary to the trend with corn, CBOT wheat price closed the last session (November 30) with a strong increase of $ 5.1/ton and was the second consecutive increase.
Wheat prices were also adjusted back to $4.6/ton in the trading session on December 1, affected by disappointing sales information in the US.
At the end of this week’s trading session, the price of CBOT wheat in the US fell sharply by $8.1/ton, marking the second consecutive decrease, totaling $12.6/ton lower than on November 30.
SOYBEAN AND SOYBEAN MEAL
Soybean seed and CBOT soybean meal prices increased strongly in the first session of this week (November 28) at $7.7/ton and $5.3/ton, respectively. Soybean farming in Argentina is facing delays due to the recent drought and is not expected to improve in the short term. In addition, the strong uptrend of CBOT soybean oil price was also a factor that increased the price of soybeans and soybean meal last session.
The grain exchange Rosario said that the amount of soybeans sold to the market by producers in Argentina on Monday (November 28) reached 299 thousand tons, the largest in two months. USDA’s report shows that US private exporters only sold 136 thousand tons of soybeans in the 2022/23 crop year to China, this information also contributed to the increase in CBOT prices by $3.7/ton and $3.7/ton, respectively. $11.2/ton.
CBOT soybean price (December 1) decreased by $14.6/ton. It is known that the price of soybean oil on December 1st session fell sharply by more than $99/ton because of the pressure on the trading floor, thereby following the sharp decline of soybean price.
At the end of this week’s session (December 2), the prices of soybean and soybean meal increased by $3.2 and $2.8/ton, respectively.
