CORN
CBOT corn price closed at the beginning of the week (August 29) increased by 5.9 USD/ton, to the highest level in the past 2 months. In the next session (August 30), the price of CBOT corn fell sharply by 1.6 USD/ton following the downward trend of the world commodity and stock markets.
At the end of the session (August 31), the price of CBOT corn continued to decrease by 2.4 USD/ ton and in the session (September 1) the price of corn still decreased by 4.9 USD / ton.
US ethanol production fell, total ethanol inventories as of August 26 decreased by 274 thousand barrels compared to the previous week.
South Africa’s 2022 corn harvest forecast is 8% lower than last year.
WHEAT
Closing the first session of the week (August 29), CBOT wheat price increased by 13 USD/ton, reaching the highest level in the recent 7 weeks. In the next session (August 30), wheat dropped by 8 USD/ton.
CBOT wheat price closed at the beginning of the week (August 31) rebounded to 4 USD/ton thanks to good buying power on the trading CBOT and concerns about supply instability from Ukraine. Closing the session (September 1), the price of CBOT wheat fell by 13.7 USD/ton.
Six ships carrying 183,000 tons of agricultural products left Ukraine’s Black Sea ports on August 30.
Rain is expected in the major wheat-growing regions of Argentina in the first half of September, helping to improve crop conditions at a critical stage of growth.
BEAN AND SOYBEAN MEAL
Having the opposite trend, at the end of the session at the beginning of this week (August 29), the price of soybeans and soybean meal CBOT dropped by 8.7 and 0.6 USD/ton, respectively. Gradually at the end of the week, the CBOT price of these two commodities continued to decrease, closing the session (September 1) the price of CBOT soybeans decreased by 10.2 USD/ton, the price of CBOT soybean meal increased by 2.1 USD/ton.
According to the USDA report on August 30, the US private exporters have signed to sell 264 thousand tons of soybeans.
In the US, farmers are about to harvest corn and soybeans, the supply pressure of the new crop is weighing on the trading prices of these two commodities on the CBOT.
