CORN
CBOT corn prices ended Monday’s trading session higher on concerns about the pace of U.S. corn planting due to reports of excessive moisture in the Midwest. Concerns about the pace of U.S. corn plantings provided fundamental support, analysts said, given the prospect of excessive moisture in the Midwest and Mississippi Delta. USDA reported U.S. corn export inspections for the latest week at 937,729 tons,
Corn prices fell on Tuesday as Brazilian production estimates rose and U.S. planting progress met expectations. USDA on Tuesday confirmed private sales of 405,000 tons of US corn to Mexico.
Corn prices closed Wednesday as forecasts of dry weather in the U.S. Midwest are expected to boost planting activity. Corn planting progress lagged behind average due to wet weather. The U.S. Energy Information Administration said weekly ethanol production and inventories both increased. One analyst said the increase in inventories showed less fuel consumption than expected.
Corn prices continued to decline for the third consecutive session after weekly US export sales fell to the lowest level compared to trade expectations. USDA reported U.S. old-crop corn export sales for the week ended May 9 at 742,200 tons.
WHEAT
Wheat prices rose on Monday as frost continued to affect wheat-producing regions in Russia. USDA reported U.S. wheat export inspections for the latest week at 366,339 tons. USDA is expected to rate the nation’s winter wheat crop at 51% good to excellent, an increase of 1 percentage point.
Wheat prices turned lower on Tuesday after US data released on Monday showed wheat conditions remained at a four-year high. Egypt, the world’s top wheat importer, has purchased 2.4 million tons of wheat so far, compared with a target of 3.5 million tons in the current local harvest, the supply ministry said. starting in mid-April.
CBOT wheat prices closed lower Wednesday as the annual crop tour in Kansas showed strong yield potential. CBOT wheat prices closed Thursday session continuing to decline following lackluster weekly US export sales. USDA reported U.S. new crop wheat export sales for the week ended May 9 at 304,300 tons.
SOYBEAN
At the end of the first trading session of the week, bean prices increased slightly as concerns about flooding for crops in southern Brazil supported the market. USDA reported U.S. soybean export inspections for the latest week at 406,052 tons. Talk that the Biden administration might add tariffs on Chinese imports of used cooking oil has led to some short-term offsets, according to analysts.
Bean prices fell on Tuesday as the Biden administration did not announce a tariff increase on Chinese imports of used cooking oil, which could be used as a substitute for US soybean oil.
Bean prices continued to fall on Wednesday as data from the National Oilseed Producers Association (NOPA) showed that US soybean production in April hit a 7-month low. Cogo, an agribusiness consulting firm, estimates Brazil’s 2023/24 soybean crop at 148.6 million tons. The company expects Brazilian soybean production to rebound to 164.76 million tons in 2024/25.
CBOT bean prices ended Thursday’s session high as concerns about crop losses in Brazil and Argentina offset data showing lower demand in the United States. The U.S. Department of Agriculture reported U.S. old-crop soybean export sales for the week ended May 9 at 265,700 tons.
Source: thitruonghanghoa.com
SHORT NEWS
Cheap Brazilian supplies continue to compete with US beans, putting downward pressure on future prices in Chicago.
Dry weather and frost have hit crops in southern Russia, forcing analysts to lower harvest estimates, but the latest weather forecast has eased fears of crop failure and pulled prices back. down from a 10-month high.
m.vinanet
