CORN
CBOT corn prices rose on Monday after the U.S. Department of Agriculture forecast a larger corn crop than its July estimate, though it anticipated a lower-than-expected acreage. Meanwhile, analysts surveyed by Reuters predicted that the agency would lower its rating for this grain by 1 percentage point by the end of the day.
CBOT corn prices fell on Tuesday after the USDA reported that 67% of the national crop was in good to excellent condition, offsetting Monday’s increase due to the agency’s lower-than-expected corn acreage figures.
CBOT corn prices stabilized on Wednesday as traders covered short positions in an oversold market, according to industry experts.
Traders noted that CBOT corn prices dropped on Thursday due to pressure from ample global supplies and expectations of a record U.S. corn harvest.
WHEAT
CBOT wheat prices fell on Monday as Egypt’s largest-ever tender highlighted the competitiveness of Black Sea wheat.
CBOT wheat prices continued to decline on Tuesday due to competition from cheaper Black Sea crops as Egypt negotiated to purchase large quantities of wheat directly.
By the end of Wednesday’s session, CBOT wheat prices rose due to increases in corn and soybean futures, although the cheap Black Sea supplies created fierce competition for U.S. export sales.
Market analysts reported that CBOT wheat prices decreased on Thursday following an overnight increase, as strong competition from low-priced Black Sea wheat continued to exert pressure.
SOYBEANS
CBOT soybean prices dropped sharply on Monday after the USDA forecast a record U.S. soybean crop, reaching a low not seen since September 2020.
CBOT soybean prices continued to fall on Tuesday following the previous day’s USDA report forecasting a record U.S. soybean harvest, hitting a four-year low.
CBOT soybean prices fell to their lowest on Wednesday before the most actively traded soybean futures (ZS1!) managed to recover some losses. The USDA’s report released on Monday forecasting a record U.S. soybean crop continued to pressure futures prices.
CBOT soybean prices stabilized or decreased on Thursday due to lower soybean oil prices and technical trading, with better-than-expected weekly export sales data providing floor support for the market.
Source: thitruonghanghoa.com
SHORT NEWS
CANBERRA, AUSTRALIA — Despite mixed weather conditions in Australia’s primary wheat growing areas, total production in 2024-25 is expected to be up 3 million tonnes from the prior year’s estimate, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA)
Source:world-grain.com
