CORN
CBOT corn prices closed higher at the beginning of the week due to concerns about unfavorable wet weather during the ongoing growing season in the US. The rain has slowed planting and raised concerns about potential problems with crop growth, although traders said summer weather conditions were most important.
Corn prices fell on Tuesday due to technical trading while under pressure from a USDA crop progress report showing rapid corn planting in the US. USDA also reported sales of 110,000 tons of US corn to Spain for 2023-24 deliveries.
Wednesday’s closing corn prices widened the gap compared to 2022, also raising expectations for increased demand from livestock producers. Analysts said the widespread spread is expected to boost demand for US corn as animal feed. Spreads narrowed on Wednesday as corn futures rose and wheat fell.
Corn prices closed higher on Thursday on technical buying and expectations of increased animal feed demand. Wheat prices have risen higher than corn, making corn more attractive for livestock feed.
WHEAT
CBOT wheat prices closed higher on Monday due to concerns about poor crop weather in the Black Sea region. Emergency mode remains in place in dozens of regions of top exporter Russia due to crop failures caused by frost. Frost could also reduce grain harvests across the northern and eastern regions of Ukraine, a major exporter of wheat and corn.
Closing Tuesday’s session, wheat prices reached a high due to damage from frost in Russia. Chinese importers are believed to have purchased at least two shipments of soybeans from the US in the past few days, grain importers said.
Wheat prices continued to rise on Wednesday as concerns grew about worsening harvest prospects in Russia. Traders said drought and frost damage to the Black Sea wheat crop was supporting prices.
Wheat prices continued to rise on Thursday as persistent dry conditions and concerns about the Black Sea crop continued to support the market after the previous session’s 10-month plateau. Traders noted that the recent rally failed as ongoing Black Sea concerns became a factor weighing on the market. USDA reported U.S. new crop wheat export sales for the week ended May 16 at 224,900 tons.
SOYBEAN
CBOT bean prices edged higher on Monday as floods in Brazil continued to raise concerns about crop losses. Concerns about poor crop weather in the Black Sea region and planting delays in the United States also supported agricultural futures prices. Wet weather has slowed planting in the US, although some farmers were able to make progress between rains last week, especially soybeans. Chinese customs data shows that China’s soybean imports from the United States in the first four months of the year fell 40% from a year earlier, while China bought more from Brazil.
In contrast to wheat prices, bean prices closed lower on Tuesday after three sessions of gains as weak soybean meal prices and a stronger-than-expected pace of US spring planting put pressure on prices.
CBOT bean prices turned higher on Wednesday thanks to the recent increase in wheat prices. Rain is expected to slow planting in some places, although analysts note that other areas will have dry time for planting.
Bean prices closed lower on Thursday, although concerns about crop losses due to heavy rains in some parts of Brazil and Argentina continued to support the market. The impact of floods in Brazil on food stocks could lead to heavy losses for farmers and companies, hit exports and spur domestic inflation. USDA reported U.S. old-crop soybean export sales for the week ended May 16 at 279,400 tons.
Source: thitruonghanghoa.com
SHORT NEWS
India’s 5% broken parboiled rice is currently priced at 536-544 USD/ton, up from 531-539 USD a week ago. A Mumbai-based trader said demand improved slightly, mainly from African buyers, as India was offering rice at lower prices than other countries.
A Mumbai-based trader said demand improved slightly, mainly from African buyers, as India was offering rice at lower prices than other countries.
m.vinanet
