CORN
Closing the first session of the week October 31, corn price increased by 4.3 USD/ton. On November 2, corn price dropped by 4 USD/ton
At the end of the week, corn prices fell by 3.2 USD/ton, marking the 2nd consecutive decline after Russia announced its re-entry into the grain export agreement with Ukraine.
US ethanol production increased by 7,000 bpd from last week, marking the fifth consecutive week of increase.
WHEAT
Wheat prices closed the session on October 31 with a slight increase of 19.5 USD/ton. On November 2, the price of CBOT wheat fell sharply by 20.7 USD/ton.
At the end of the session on November 3, wheat prices decreased by 2.1 USD/ton.
Protesters against Brazil’s election results have threatened the country’s ability to ship grain to ports.
Some of the ships that have been loaded may leave the Ukrainian port on Thursday of this week.
The Buenos Aires Grain Exchange has cut its forecast for Argentina’s wheat harvest to 14 million tons, a sharp drop of 1.2 million tons from its previous report.
The main road leading into the Brazilian port of Paranagua was no longer blocked by protesters protesting the election results.
BEAN AND SOYBEAN MEAL
Closing the first session of the week, the price of soybeans and CBOT soybean meal increased strongly by 7.1 and 3 USD/ton, respectively. On November 2, the price of soybeans increased by 2.4 USD/ton.
At the end of the week, soybean and soybean meal prices fell by 6.2 and 11.2 USD/ton, respectively.
Chinese customs has updated the list of approved Brazilian corn exporters, thereby paving the way for Brazilian corn to boost exports to China in the near future.
