CORN
Closing the second session, CBOT corn prices fell due to pressure from favorable weather for planting in the US and a decline in crude oil prices, as well as easing concerns about escalating tensions in the Middle East. Corn sometimes follows the trend of crude oil due to corn’s role as the main feedstock for U.S. ethanol fuel. The US Department of Agriculture (USDA) confirmed private sales of 165,000 tons of US corn to Mexico, including 135,000 tons of old-crop corn and 30,000 tons of new-crop corn.
CBOT corn prices ended the session nearly unchanged as traders assessed reduced production estimates in South America and the start of planting in the US. The U.S. Department of Agriculture reported after trading ended on Monday that U.S. corn planting was 6% complete as of Sunday, 1 percentage point above the five-year average of 5%.
Corn prices fell for a third straight session at the close of trading Wednesday on a lack of new news as market investors awaited planting expansion in the U.S. Midwest crop belt. The US Energy Information Administration said weekly corn-based ethanol production fell to 983,000 barrels a day, the lowest since January, while inventories fell to 26.080 million barrels.
CBOT corn prices fell on Thursday due to weak demand and the outlook for generally favorable U.S. growing weather, traders said. The U.S. Department of Agriculture’s weekly report on Thursday showed U.S. old-crop corn export sales for the week ended April 11 at 501,200 tons.
WHEAT
CBOT wheat prices fell in the first session of the week, the stronger dollar made American grains less attractive in the eyes of investors. USDA reported U.S. wheat export inspections for the latest week at 551,278 tons, in line with trade expectations.
Wheat prices fell on Tuesday, analysts said, amid concerns dry conditions will affect crops in Kansas. The dollar’s five-month high is weighing on the market, analysts said, as it makes American agricultural products less attractive to importers.
CBOT wheat prices fell to a one-month low on Wednesday on technical selling, strong competition in the global export business and forecasts of beneficial rains in the U.S. Southern Plains and Russia.
After several consecutive sessions of decline, wheat prices increased again on Thursday due to concerns about dry weather putting pressure on crops in the US. The recovery is limited by sluggish demand for US wheat exports due to abundant supplies of the grain originating from the Black Sea region. USDA’s weekly export sales report showed net sales of US old-crop wheat fell 93,600 tons in the week to April 11, while new-crop wheat sales totaled 222,000 tons, consistent in line with commercial expectations.
SOYBEAN
Following the trend of global cereals, bean prices closed the first session of the week lower, in addition to reduced prices due to reduced concerns about tensions in the Middle East. Overall favorable growing weather in the US has added to bearish sentiment along with worries about demand for oilseeds. USDA reported U.S. soybean export inspections for the latest week at 432,905 tons, in line with trade expectations of 375,000 to 600,000 tons.
CBOT bean prices ended Tuesday’s session continuing to decline. The United States continues to face competition for global soybean export sales from cheaper Brazilian supplies.
In contrast to wheat prices, soybean prices were higher on Wednesday after several consecutive sessions of declines thanks to bargain buying after the July contract was the most active. In addition, analysts said export soybean prices at the world’s top supplier Brazil have stabilized in the past few weeks, helping to support the value of US soybeans.
Soybean prices turned lower on Thursday due to pressure on soybean sales from Brazilian farmers and the prospect of generally favorable growing weather in the US. The U.S. Department of Agriculture reported U.S. old-crop soybean export sales for the week ended April 11 at 485,800 tons, in line with trade expectations.
Source: thitruonghanghoa.com
SHORT NEWS
The reliability of container shipping lines’ shipping schedules has improved as the pattern of diversions from the Red Sea to avoid Houthi attacks begins to normalize.
phaata.com
