CORN
CBOT bimabet corn prices fell for the fifth consecutive session at the beginning of the week at $202/ton as pressure from cool and wet weather.
The third session, on August 1, reached 200 USD/ton. In July, Brazil exported 4.3 million tons of corn, a slight increase over the same period last year.
Corn prices fell for the 7th session in a row at $198/ton on favorable weather forecasts for US crops and macroeconomic pressures. America’s top credit rating was downgraded by ratings agency Fitch, a move that weighed on commodity prices.
CBOT corn continued to decline on Thursday, August 3, at $196/ton and remained unchanged on Friday, the lowest since January 4, 2021. USDA reported that corn export sales in the United States for the week of July 27 were more than 456,000 tons. Although exports in Ukraine may fall to 22 million tons from 29.5 million tons in 2022, the country is expected to produce about 26.9 million tons of corn in 2023.
WHEAT
CBOT wheat prices on the 2nd session on July 31 reached $244/ton, falling under pressure as output in the Black Sea increased despite tensions. Wheat export prices in Russia remained steady after a week of spikes as Russia pulled out of a deal to export grain in the bimabet Black Sea.
Closing session on Tuesday, August 1, wheat prices continued to fall because of Russian supply and output, reaching $239/ton.
Prices rose in the middle of the night as Russian attacks on infrastructure fueled global supply concerns but continued to fall to close at $234/ton. Egypt’s supply ministry announced that the country’s wheat reserves are sufficient for the next 6 months.
CBOT wheat prices continued to decrease on Thursdays, but on Friday, wheat prices rose to $232/ton. The US Department of Agriculture reported export sales for the 23/24 crop year at more than 421,000 tons.
SOYBEAN
CBOT soybean price on the second session on July 31 reached 395.15 USD/ton, down to the lowest level in the past 3 weeks when the weather in the US is getting cooler.
Soybean prices in the third session on August 1 increased slightly to $395.55 per tons as favorable weather fueled bimabet market expectations for crops and optimism about exports. Brazil’s exports in July reached 9.9 million tons.
Not out of trend along with corn and wheat, soybean price closed at $391.75/ton on August 2 due to pressure from cold and wet weather forecast as well as pressure from the outside market.
CBOT soybean prices continued to decline in the fifth and subsequent sessions, at $397.35/ton at the end of the week. According to USDA, the United States has sold to China 134,000 tons of soybeans
SHORT NEWS
India has issued a ban on the export of non-basmati (ordinary) rice due to the earlier EI Nino milles phenomenon, which caused warmer and drier weather in some parts of Asia which is expected to harm rice production. The ban made the market more concerned about the global rice supply bimabet, as India accounts for 40% of the global supply.
Source: thitruonghanghoa.com
