CORN
CBOT corn prices fell on Monday as technical trading and expectations that the USDA afternoon report will show good planting progress and crop conditions. The USDA confirmed private sales of 110,000 tonnes of U.S. corn to Spain for delivery in the 2023/24 marketing year starting September 1, 2023.
Corn prices closed slightly lower on Tuesday as traders weighed U.S. planting progress and high corn ratings with adverse weather in corn importer Mexico.
Corn prices continued to decline in a volatile Wednesday session as good U.S. crop conditions ratings and favorable short-term weather in the U.S. corn belt anchored prices.
Corn prices rose for the first time in eight sessions on Thursday as news of tighter industry tax credit rules in Brazil raised hopes among traders and producers that the measure would boost U.S. corn exports, traders said.
The USDA reported that old-crop corn export sales for the week ending May 30 were 1,180,900 tonnes, heading toward the top end of the trade expectation range of 600,000 to 1,200,000 tonnes.
WHEAT
Wheat prices fell on Monday amid profit-taking and concerns about crop damage in Russia. Russia’s grain exports will drop to 60 million tonnes next season from 70 million tonnes this season following a severe cold snap in some areas.
Wheat futures continued to fall on Tuesday as high ratings for U.S. winter wheat advanced as the harvest progressed, with the USDA saying the U.S. winter wheat harvest was 6% complete. Analysts said concerns about frost and drought damage to Russia’s wheat crop were easing.
Wheat futures continued to fall on Wednesday as progress in the U.S. harvest weighed on prices andzconcerns about the Russian crop eased. Also on Wednesday, Russia said it would increase
financial support for farmers but was not expected to ban grain exports if a federal emergency is declared over frost damage to crops.
CBOT wheat futures continued to fall for a seventh day on Thursday after an early gain as traders weighed frost and drought damage to Black Sea wheat against a favorable U.S. harvest expected to produce a high-quality wheat crop.
New-crop U.S. wheat export sales for the week ending May 30 came in at 616,900 tonnes, beating trade expectations, the USDA reported.
SOYBEANS
CBOT soybeans prices fell for on Monday session on weak demand. Soybeans hit a one-month low weighed down by expectations of a robust soybean planting. As of last week, only 39% of the crop had emerged from the ground.
Closing Tuesday, CBOT soybeans prices slightly lower as strong U.S. planting progress and spillover weakness from corn weighed on prices even as a downgraded soybean harvest forecast in major exporter Brazil bolstered valuations.
CBOT soybeans prices hit their session lows on Wednesday after a technical rebound earlier in the session as traders monitored U.S. crop losses and weather in South America.
Soybean prices turned higher on Thursday as news of tighter industry tax credit rules in Brazil raised hopes among traders and producers that the new rules could boost U.S. soybean export sales, traders said.
The USDA reported that old-crop soybean export sales for the week ending May 30 came in at 189,600 tonnes, below trade expectations of 175,000 to 650,000 tonnes.
Source: thitruonghanghoa.com
SHORT NEWS
Global export prices for all major cereals rose in May, with wheat posting the biggest gain, according to a report released on June 7 by the Food and Agriculture Organization (FAO) of the United Nations.
The cereal price index (CPI) rose 6 percent from April to 118.7 points. Even with the increase, the CPI is still 8% lower than the May 2023 value of 129.3.
Source: world-grain.com
