CORN
Closing the session on January 30st, the price of CBOT corn increased slightly by 0.2 USD/ton. Local consulting firm Safras & Mercado on January 27 lowered its estimate for Brazil’s 2022/23 total corn production to 125.3 million tonnes, 1.3 million tonnes lower than previously reported, but overall. This is still high. This decrease is reflected in the lower-than-expected summer (crop 1) production of summer maize due to drought in southern Brazil.
Corn price closed on January 31st, corrected back to 1.6 USD/ton due to selling pressure to close previous gaining sessions. By the session on February 1, the price of corn did not change much, the market continued to monitor developments in the situation of corn and soybean crops in South America, which is also an important factor that has a lot of influence. to world prices in recent times.
Out of the trend, the price of CBOT corn on February 2 decreased by 2.3 USD/ton. However, at the end of the session on February 3, corn price increased again by 0.9 USD/ton. The grain exchange on February 2 warned that, despite recent rainfall, a historic drought in Argentina’s core agricultural region could still negatively impact this year’s corn harvest.
WHEAT
Ending the session on January 30, CBOT wheat price increased by 0.9 USD/ton. The market is concerned about the prospect of grain export supplies from the Black Sea region, when the conflict situation in Ukraine is tending to become more intense. In addition, the cold spell in the US grain belt also made traders worry that it could damage wheat crops.
In an opposite trend to the market on January 31, the price of CBOT wheat increased by 3.2 USD/ton, marking the second consecutive increase, when the market was concerned about winter crop conditions in the delta region of Vietnam. America is badly affected by cold weather. In Nga, grain shipping company Rusagrotrans earlier this week lowered its estimate for 2023 wheat harvest by 1 million tons to 81.5 million tons, citing crop damage due to temperature fluctuations.
CBOT wheat price did not change much in the session of February 1. However, at the close of session February 2, the price of CBOT wheat increased by 0.5 USD/ton due to the influence of the weakening US dollar.
CBOT wheat price dropped by 0.8 USD/ton. US wheat export sales in the week ended January 26 were low, reaching only 168.9 thousand tons, down sharply from a week ago.
SOYBEAN MEAL
Soybean seed and CBOT soybean meal prices increased sharply by 9.5 and 16.8 USD/ton, respectively, at the beginning of the week (January 30). It is expected that in about 2 months, Argentina – the world’s largest soybean meal exporter will start harvesting soybeans in the 2022/23 crop year, but this year’s crop outlook faces many risks due to weather conditions. irregular for a long time. Traders are optimistically expecting that China may increase purchases after the end of the lunar holiday.
CBOT soybean price increased by 1 USD/ton while soybean meal price decreased by 5 USD/ton at the close of the session on January 31 due to selling pressure to take profit after the recent strong increase. However, the price did not have much movement in the next session on February 1.
Due to the impact of the weakening of the US dollar, the price of soybeans and soybean meal CBOT increased sharply by 5.1 and 7.8 USD/ton to close on February 2. Up to the session on February 3, the price of CBOT soybean meal increased for the third consecutive session, while the soybean price adjusted slightly back to $0.8/ton, influenced by negative information about the operation. US exports.
