CORN
Closing the Monday session at the beginning of the week, CBOT corn prices decreased slightly, the weekly Export Inspection report confirmed that more than 900 thousand tons of corn were shipped in the week ending January 25. That was up 21% on the week and 66% higher than the same period last year thanks to shipments to Mexico and Japan. BAGE raised its estimate for Argentina’s 2024 corn production by 1.5 million tons to 56.5 million tons.
Corn prices closed higher Tuesday, Underlying bids for corn and soybeans shipped by barge to the U.S. Gulf Coast and lined up for export were mostly down on Tuesday on sluggish demand, although Traders said they were closely monitoring hot and dry weather forecasts in Argentina.
Corn prices closed lower Wednesday, with weekly EIA data showing ethanol producers averaged 991 thousand barrels per day in the week ending January 26. That’s a nice increase from last week, which was the week with the lowest output in more than two years. That was also only MY 3rd week of less than 1 million barrels per day. Brazil’s Anec estimates corn exports at 3.5 million tons in January. That is 28.2% lower than the volume on January 23.
Corn prices fell on Thursday on spillover weakness from bean prices and concerns about the burden on US grain supplies. The US Department of Agriculture (USDA) reported US old-crop corn export sales for the week to January 25 at 1,206,700 tonnes, above trade expectations. Japan and Mexico were the biggest buyers during the week.
WHEAT
Wheat prices closed the second session lower due to a sell-off in the market. European strikes led by farmers continue, with farmer tractors blocking major motorways and roads in Paris, France and across Belgium. Data shows that nearly 265 thousand tons of wheat were exported in the week from January 25. Argentina said it has an agreement allowing exports of Argentine wheat to China.
Closing the third trading session, CBOT corn prices increased after both corn and bean prices increased. Market bulls noted that the International Monetary Fund slightly raised its global economic growth forecast, a sign that could be supportive for commodities. The U.S. Department of Agriculture said Monday that condition ratings for winter wheat improved in January in Kansas, the top U.S. winter wheat producer, as drought eased in much of the region. Plains, despite falling ratings in other states including Texas.
CBOT wheat prices closed lower on Wednesday due to technical selling and spillover weakness from the European wheat market amid weak export demand. The country’s Agriculture Minister said Russia will increase the area for the 2024 harvest by 300,000 hectares to 84.5 million hectares.
Wheat prices rebounded on Thursday due to technical buying and short-term covering. The US Department of Agriculture (USDA) reported US old-crop wheat export sales for the week to January 25 at 322,500 tonnes, a three-week low in line with trade expectations.
SOYBEAN
Bean prices fell for a second session, with USDA weekly export inspection data showing nearly 900,000 tons of soybeans shipped in the week ending January 25. Safras and Mercado reported the Brazilian soybean harvest was 9% complete, compared with 4.4% at this time last year.
Following the market trend, soybean prices closed the third session higher. Soybean harvest progress in Parana is fastest since 2019
Bean prices closed the session slightly down. USDA will release its monthly Fats & Oils report after the close on Thursday. Trade estimates for December soybean crush average 206 million bushels, with some estimates at 207. Average soybean oil stocks are expected to increase to 1.764 billion pounds due to high crush rates and the recent trend among bio fuel refiners is to use imported used cooking oil instead of bean oil.
Bean prices closed Thursday on disappointing weekly export sales data from the United States coupled with strong competition from Brazil, where soybean harvests are expanding. Soybeans slumped after the US Department of Agriculture (USDA) reported US old-crop soybean export sales for the week to January 25 at 164,500 tonnes, the lowest weekly level of the 2023 marketing year 2024 starting September 1.
Source: thitruonghanghoa.com
