CORN
The CBOT corn price increased sharply on Monday due to short-covering and the spillover effect from soybean futures, as market participants unwound short positions that had been established in anticipation of Trump’s potential re-election.
The CBOT corn price extended its gains into the second day on Tuesday, with the most active ZC1! contract reaching a two-week high due to buying to offset shortages and concerns about weather-related impacts on U.S. crops, according to market analysts.
Market analysts noted that CBOT corn prices rose for the third consecutive day on Wednesday due to buying to cover short positions and concerns about weather impacts on U.S. crops.
U.S. weekly corn export sales were 745,200 tons for the 2024-25 period, exceeding analysts’ estimates of 100,000 to 600,000 tons.
WHEAT
CBOT wheat prices rose on Monday due to short-covering and uncertainty about crop prospects in Europe and the Black Sea region.
By Tuesday’s close, CBOT wheat prices fell as ample global wheat supplies and strong export competition pressured trading within a narrow range.
CBOT wheat prices rebounded sharply on Wednesday as the market weighed the impact of a heatwave and drought in the U.S. against uncertainty about EU data and increasing supply prospects.
The U.S. Department of Agriculture reported that U.S. wheat export sales for the week ending July 18 were 309,300 tons. Analysts had expected between 300,000 and 625,000 tons.
SOYBEANS
CBOT soybean prices surged on Monday due to a series of short-covering trades, with prices rebounding from a 2020 low the previous week after U.S. President Joe Biden abandoned his re-election bid.
CBOT soybean prices finished higher on Tuesday, with the most active ZS1! contract reaching a two-week high due to short-covering and risk premiums related to potential warming weather in the U.S., according to market analysts.
CBOT soybean prices declined on Wednesday as expectations of reduced demand followed a two-week high the previous day.
U.S. weekly soybean export sales were 829,700 tons for the 2024-25 period, compared to analysts’ estimates of 500,000 to 900,000 tons.
Source: thitruonghanghoa.com
SHORT NEWS
ANKARA, TURKEY – With a government ban on wheat imports set to run through October and dry weather impacting domestic output, Turkey’s wheat ending stocks for the 2024-25 marketing year are projected to decline by 61% from the previous year, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
Source: world-grain.com
