The sharp drop of Corn and wheat
Wheat
Earlier this week, CBOT wheat prices were trending down. It is known that commodities prices fell after the Russian president said that the country is ready to create favorable conditions for grain exports from Ukrainian ports in combination with Turkey.
Accordingly, Russia could allow ships Ukrainian commodities through ports in the Black Sea, in case sanctions policies in the West are eased.
On the Ukrainian side, the country is trying to export wheat by road, river and rail to prevent a global food crisis.
Falling sharply until the middle of the week but by the end of the week, CBOT wheat prices are trending up. The market is still closely following the negotiations amid expectations of a possible resumption of Ukrainian exports.
Corn
Similar to wheat, corn prices also fell sharply under the impact of the Russian president’s announcement. Continuing to decline sharply in the middle and the end of the week, the price of CBOT corn reached the lowest level since the end of March until now, creating many opportunities for importers to supplement their needs.
Soybean and soybean meal
At the beginning of the week, the price of soybean and soybean meal tended to go against the other commodities as it continued to increase. In addition, the prices of crude oil and vegetable oils were also supported with the news that China was easing Covid-19 epidemic prevention and control restrictions in major cities.
By the middle of the week, soybean meal and soybean meal prices dropped sharply due to selling pressure to take profit from the previous 2 sessions.
Gradually towards the end of the week, the CBOT price continues to drop down due to influenced by the price of wheat and corn. It is known that in the past 5 months, Argentina has maintained the export revenue of commodities at a high level and soybean meal is the main product.
