Corn
Corn prices at the CBOT (Chicago Board of Trade) fell sharply on Monday, dropping to the lowest level in four years, as traders anticipated a positive outlook on the US crop progress from the USDA (United States Department of Agriculture) report to be released after market close
On Tuesday, CBOT corn prices rebounded higher due to technical recovery after touching the four-year low on Monday.
CBOT corn prices surprisingly reversed lower on Wednesday, trading near the four-year low on Wednesday, while other contracts fell to record lows, pressured by expectations of strong global supply and favorable US weather.
At the close on Thursday, CBOT corn prices had recovered on Thursday after a series of short-covering moves, after dropping close to the four-year low in the previous session due to expectations of abundant global supply and positive forecasts for the US crop
Wheat
CBOT (Chicago Board of Trade) wheat prices fell sharply on Monday, as the market expected the recent hot and dry weather to facilitate a good wheat harvest in the United States.
Russia’s wheat export prices continued to decline last week, thanks to the appearance of the new crop on the market after the harvest season started earlier.
CBOT wheat prices edged higher on Tuesday due to lingering concerns over European wheat yields and fears that rainfall from Hurricane Beryl could slow the wheat harvest in the U.S. Corn Belt, traders said.
At the close on Wednesday, CBOT wheat prices had declined due to expectations of a stronger U.S. ending stocks, the advancing U.S. harvest, and improved crop prospects in Russia, traders said.
At the Thursday close, CBOT wheat prices rose on short-covering and bargain-hunting, after declining on Wednesday due to the positive global crop outlook and the advancing U.S. harvest.
Soybeans
CBOT (Chicago Board of Trade) soybean prices fell on Monday to the lowest level in nearly four years, as traders anticipated a positive outlook on the U.S. harvest progress from the upcoming USDA report.
At Tuesday’s close, CBOT Soy prices touched the lowest level since November 2020 for the third consecutive session due to weak demand, poor crush margins, and global oversupply, traders said.
CBOT Soy prices continued to decline on Wednesday, dropping to the lowest level since November 2020 on Wednesday, while the August and September futures hit record lows due to weak demand and the prospects of a bumper U.S. crop weighing on the market.
At Thursday’s close, CBOT Soy prices edged higher due to short-covering, after dismal export demand and expectations of a bountiful U.S. crop had pushed prices to multi-month lows not seen since mid-November 2020, traders said.
Source: thitruonghanghoa.com
SHORT NEWS
CHICAGO, ILLINOIS, US — ADM and LG Chem announced on July 12 that their previously announced projects to produce lactic and polylactic acid will not move forward. The two joint ventures include GreenWise Lactic, of which ADM is a majority owner, and LG Chem Illinois Biochem, which is majority-owned by LG Chem.
Source: world-grain.com
