CORN
Corn prices closed higher on Monday due to flooding in Brazil and wet weather hitting the US Midwest. Torrential rains in Brazil’s Rio Grande do Sul state have disrupted the last of the soybean and corn harvests. The U.S. Department of Agriculture (USDA) reported U.S. corn export inspections for the latest week at 1,285,986 tons.
Corn prices closed lower on Tuesday as farmers sold old crops to fund the protest. Corn fell slightly on weak spillovers from wheat, while traders turned their attention to the U.S. Department of Agriculture’s monthly supply/demand report on Friday.
Corn prices continued to fall on Wednesday as farmers continued to sell off old crops and Brazil faced continued flooding in grain-producing regions. The US Energy Information Administration said weekly ethanol production fell to 965,000 barrels per day, while inventories fell to 24.2 million barrels per day.
CBOT corn prices closed low on Thursday as traders awaited a supply and demand report due out on Friday while severe flooding was a setback for Brazil’s harvest. A US government forecaster said on Thursday that the El Nino weather pattern will fade in June but could be replaced by the La Nina phenomenon in the second half of the year. USDA reported weekly U.S. corn export sales for the week ending May 2 of 889,200 tons
WHEAT
CBOT wheat prices closed the first session of the week at their highest level in December due to drought and frost affecting many regions of Russia. USDA reported U.S. wheat export inspections for the latest week at 321,124 tons. Ukraine’s grain exports in the 2023/24 marketing season reached nearly 42 million tons as of May 6 compared with 42.6 million tons sent abroad as of May 6, Agriculture Ministry data showed on Monday. until May 8, 2023.
CBOT wheat prices fell on Tuesday from multi-month highs hit earlier in the week as weather forecasts improved for top exporter Russia and weekly USDA data showed winter crop conditions. improved. The U.S. Department of Agriculture’s (USDA) weekly crop progress report shows that 50% of the U.S. winter wheat crop is rated in good to excellent condition.
Wheat prices closed lower on Wednesday. Rain is forecast to hit much of the Southern Plains next week, which has remained dry so far this spring. Additional pressure comes from forecasts of rain in drier areas of Russia’s growing regions. Egypt bought 420,000 tons of wheat in the latest tender on Wednesday. Of that total, 360,000 tons originated from Russia and 60,000 tons from Romania.
Wheat prices turned higher on Thursday as a weather-related emergency was declared in key wheat-producing regions in Russia. USDA reports weekly U.S. export sales for the week ending May 2 at 41.1 thousand tons for the 2023/2024 marketing year
SOYBEAN
CBOT bean prices rose on Monday, as flooding continued to threaten unharvested crops in Brazil. USDA reported U.S. soybean export inspections for the latest week at 348,654 tons. The U.S. Department of Agriculture will release its weekly crop progress report later Monday. Analysts polled by Reuters on average estimated U.S. soybean planting was 28% complete as of Sunday.
During Tuesday’s session, soybean prices were volatile and fell late in the session on profit-taking and spillover pressure from lower wheat futures while links to the new crop strengthened.
Soybean prices closed Wednesday with a downward trend toward wheat despite floods in Brazil’s Rio Grande do Sul state continuing to disrupt the harvest. Heavy flooding in southern Brazil, the world’s largest supplier of soybeans, has affected food storage facilities in lower regions and ports.
In contrast to wheat prices, bean prices closed Thursday as market participants braced for bearish numbers in USDA supply/demand data. USDA reported weekly U.S. soybean export sales for the week ending May 2 at 428,900 tons for the 2023-24 marketing year.
Source: thitruonghanghoa.com
SHORT NEWS
According to new data from Xeneta, container lines are having to weigh the risks and benefits in negotiating new contracts as the market remains affected by uncertainty in the Red Sea.
Source:phaata.com
