CORN
Corn prices on the CBOT fell to $4 per bushel in the Monday session, hitting a more than 3.5-year low, due to brighter supply prospects and lackluster demand.
According to analysts, CBOT soybean and corn prices rallied strongly on Tuesday after touching multi-year lows, driven by bargain hunting and forecasts of lower-than-expected crop yields in some parts of the world.
Dealers reported that cash corn and soybean bids were mostly flat or lower on Wednesday as futures prices rebounded from the previous week’s lows. Corn prices declined at elevators around Chicago and Blair, Nebraska, and at a river terminal in Illinois.
In the Thursday session, CBOT corn prices fell as the U.S. weather outlook remained favorable for the crop and weak export demand weighed on the market.
The U.S. crop weather is generally beneficial, reinforcing expectations of a large U.S. corn and soybean harvest.
WHEAT
CBOT wheat prices fell to $5.30 per bushel in the Monday session, the lowest level since mid-March, as new-crop supplies from the U.S. and Russia poured into the market. Favorable weather conditions, characterized by warm and dry conditions, have accelerated the harvest in these regions, leading to the price decline.
Wheat futures on the CBOT closed at record lows on Tuesday following the earlier rebound, as consistent U.S. harvest data and Russia’s cheap seasonal prices weighed on the market.
In the Wednesday session, U.S. CBOT wheat prices rose 1.6% as bargain-hunting a day after prices fell to a four-month low appeared to spur new export activity.
CBOT wheat prices closed lower on Thursday after a volatile trading day, as ample global supply pressure outweighed support from a series of global export deals this week.
Germany’s agricultural cooperative association reported that the country’s 2024 wheat production is expected to decline 6.2% from the previous year.
SOYBEANS
CBOT soybean prices fell below $10.80 per bushel on Monday, the lowest level since November 2020, due to ample supplies and weak export demand.
CBOT soybean prices rebounded on Tuesday, a day after falling to the lowest in nearly four years, as bargain-hunting emerged following the prospects of a robust U.S. crop production.
CBOT soybean prices closed mixed on Wednesday, with the August contract (SQ24) firming in the cash market while the stronger November futures (SX24) declined on expectations of a large U.S. harvest.
Closing on Thursday, CBOT soybean prices rose with the most actively traded contract recovering from nearly four-year lows after the U.S. Department of Agriculture reported a significant sale of U.S. soybeans to unknown buyers.
Source: thitruonghanghoa.com
SHORT NEWS
LONDON, ENGLAND – In its latest quarterly update of wheat flour trade for the 2024-25 marketing year, the International Grains Council (IGC) made a significant upward revision of 1.6 million tonnes (wheat equivalent) from its previous forecast in April. However, at 16.1 million tonnes, it would still fall short of the estimated total for 2023-24, pegged at a six-year high of 16.8 million tonnes.
Source: world-grain.com
