CORN
Corn futures at the Chicago Board of Trade fell on Monday as traders took profits after strong gains in the previous session and as favorable weather in the United States is likely to increase acreage planted with the food grain. breeding this spring. The U.S. Department of Agriculture (USDA) on Thursday pegged U.S. corn plantings below trade expectations, but some traders and analysts expected sown acreage to increase due to weather forecasts. Good growing weather. USDA Monday morning said U.S. corn export inspections totaled 1,431,535 tons for the week ended March 28, up 14% from a week earlier and up 30% from the same week last year. .
Closing Tuesday’s session, CBOT corn prices fell to lows as spring planting weather forecasts in the U.S. Midwest are likely to increase spring plantings. Concerns about abundant supplies and weak demand for U.S. corn exports added pressure to prices after a media report said Chinese authorities were seeking to restrict some imports. Corn is pressured by forecasts of good growing weather in the heart of the US Midwest corn belt later this month after this week’s rains. Good early-season weather tends to support more corn planting.
CBOT corn prices steadied on Wednesday on short-term profit taking after two days of declines that sent the benchmark May contract to a one-month low on Tuesday, although gains were limited by a favorable planting outlook in China. West. The US Department of Agriculture (USDA) will release its weekly export sales report early Thursday. Analysts surveyed by Reuters expect U.S. old-crop corn sales to reach 800,000 to 1.4 million tons in the week ending March 28, while new-crop corn sales are expected to be high up to 200,000 tons.
CBOT corn prices fell on Thursday as steady weekly export sales and a weak dollar supported prices, but ample coke supplies and favorable weather prospects for the U.S. spring planting season kept the lid on increase. The U.S. Department of Agriculture (USDA) reported U.S. old-crop corn export sales for the week ended March 28 at 948,000 tons, in line with trade expectations of 800,000 to 1,400,000 tons. New crop corn sales reached 11,400 tons.
WHEAT
Wheat prices fell on Monday on expectations the USDA will report its strongest winter crop rating in eight years in its weekly report scheduled for release later in the day. Wheat futures are also pressured by large global inventories and limited U.S. export demand as rival suppliers are offering lower prices. USDA Monday morning said U.S. wheat export inspections for the week ended March 28 totaled 498,989 tons, above trade estimates of up to 425,000 tons.
Wheat continued to decline on Tuesday as the USDA assessed the winter crop at its highest early spring level in five years. The market is also pressured by forecasts for rainfall to boost crops in the US Southern Plains wheat belt and by limited US export demand due to cheaper grain on offer from suppliers. competitor. Sources said India has asked global and domestic traders to avoid buying new-crop wheat from local farmers to help the government-backed Food Corporation of India procure large quantities for replenishment. replenish depleted reserves.
CBOT wheat prices rebounded on Wednesday after two consecutive sessions of declines as short selling lifted the market. According to two industry sources, traders are monitoring the flow of Russian exports after the country’s authorities temporarily suspended exports on some ships of Aston, one of the largest local grain traders.
Wheat prices were mixed on Thursday as a weaker dollar underpinned the market while gains were limited and concerns about Russian shipping disruptions eased. Authorities in Russia, the world’s top wheat exporter, have temporarily halted grain exports on some ships from Aston, one of the largest local grain traders, two industry sources said. method, but the company denied there were any delays. The US Department of Agriculture (USDA) reported US old-crop wheat export sales for the week ended March 28 at 16,100 tons, below trade expectations, while new-crop wheat sales reached 262,000 tons, higher than expected.
SOYBEAN
Bean prices fell on Monday as abundant supplies seasonally slowed U.S. export demand and spillover pressure from falling corn and wheat. USDA said Monday morning that U.S. soybean export inspections totaled 414,484 tons in the week ended March 28, below trade estimates by at least 500,000 tons.
Closing Tuesday’s session, bean prices continued to decline due to spillover support from lower corn and wheat prices. Fierce competition for US export sales from Brazil and concerns about demand from top importer China still linger in the market.
CBOT bean prices closed higher on Wednesday in a short-term rally and consolidation after tepid demand and rising South American supplies pushed prices to a one-month low early in the session. Commodity funds hold a large net short position in soybean futures, leaving the market open for short-covering rallies. Fierce competition for US export sales from Brazil and concerns about demand from top importer China still loom over the market.
CBOT bean prices fell Thursday as soybean oil prices eased with weaker energy prices and on weekly soybean export sales in the morning report from USDA. Fierce competition for US export sales from Brazil and concerns about demand from top importer China are hanging over the market. The U.S. Department of Agriculture (USDA) reported net U.S. soybean export sales for the week ended March 28 at 194,220 tons, below trade expectations of 200,000 to 600,000 tons.
Source: thitruonghanghoa.com
SHORT NEWS
Rice export prices from top hub India this week fell to their lowest since early February 2024 due to falling demand, while Thai rice prices fell for the fourth consecutive week on a weaker baht.
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