CORN
Corn prices on the CBOT (Chicago Board of Trade) declined slightly on Monday due to favorable weather forecasts for the US Midwest region and the lingering effects of the USDA’s (United States Department of Agriculture) crop acreage report on Friday, which showed that farmers had planted more corn than expected.
Corn prices on the CBOT unexpectedly rebounded strongly on Tuesday, due to short-covering activities and deteriorating crop conditions in the US Midwest due to unfavorable weather in some areas.
At the close on Wednesday, corn prices on the CBOT had declined slightly, with the most active contract remaining at the lowest level in four years under pressure from ample global supplies, according to analysts.
The USDA reported that US corn export sales for the old crop in the week ending June 27 were 357,200 metric tons, lower than the trade expectations of 500,000 to 900,000 metric tons. New-crop corn sales totaled 311,500 metric tons.
WHEAT
At the close on Monday, CBOT wheat prices rose due to uncertainty around the size of Russia’s bumper wheat crop, prompting traders to cover their short positions, while low prices attracted opportunistic buying.
CBOT wheat prices ended the trading session with a decline on Tuesday, as traders booked profits, causing futures to retreat from the previous week’s one-week high.
At Wednesday’s close, CBOT wheat prices fell as traders hoped that the top supplier, Russia, would produce a larger-than-previously-expected crop.
The USDA reported that US net wheat export sales for the 2024/25 marketing year in the week ended June 27 totaled 805,300 metric tons, higher than the trade estimate of 350,000 to 700,000 metric tons.
SOYBEAN
CBOT soybean prices rose on Monday due to the potential for record soybean imports by China, the top buyer, in July. Traders and analysts said China had placed larger orders in recent weeks due to lower prices and the prospect of Donald Trump returning as president, potentially reigniting trade tensions between Beijing and the U.S.
At Tuesday’s close, futures continued to gain on technical trading and unfavorable weather in some Midwest U.S. soybean growing regions.
At Wednesday’s close, CBOT soybean prices continued to rise due to short-covering activity, as the market recovered after dropping to nearly a four-year low earlier this week.
The USDA reported that U.S. old-crop soybean export sales for the week were 228,400 metric tons, within the analysts’ estimate range of 200,000 to 600,000 metric tons
Source: thitruonghanghoa.com
SHORT NEWS
ALGIERS, ALGERIA — Algeria’s wheat production estimates are holding steady while barley production expectations are down slightly on weather conditions, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
Source: world-grain.com
