CORN
CBOT corn prices fell to their lowest level since 2020 on Monday due to expectations of a bumper corn crop and continued farmer selling, which put pressure on future corn prices.
CBOT corn prices rose on Tuesday due to a heatwave threatening crops in the U.S. Midwest and the lower-than-expected rating from the U.S. Department of Agriculture (USDA).
Analysts noted that CBOT corn futures closed lower on Wednesday as traders assessed whether beneficial rainfall and more moderate weather forecasts would support the crop during its final growth stages.
CBOT corn futures increased on Thursday due to buying activity to cover short positions and stronger-than-expected export sales, although expectations of a robust U.S. crop limited the gains, traders said.
WHEAT
CBOT wheat prices fell to their lowest level in several contracts on Monday due to fund selling and continued pressure from cheap Black Sea supplies on Chicago futures.
CBOT wheat prices surged on Tuesday due to technical buying after reaching contract lows. The grain was further supported by the lower-than-expected rating from the USDA, released late on Monday.
CBOT wheat prices continued to rise on Wednesday as traders took advantage of lower prices and the oversold condition of wheat to buy in, traders said.
Traders reported that prices ended a volatile day with support from relatively strong export sales but still faced pressure from cheap Black Sea export supplies.
SOYBEANS
CBOT soybean prices were volatile on Monday as traders monitored the heatwave in the U.S. Midwest and tensions in the Middle East.
Soybeans on CBOT rose on Tuesday as the market tracked the heatwave in the central U.S. and the USDA downgraded the U.S. crop rating.
CBOT soybean prices turned lower on Wednesday after three sessions of gains due to pressure from more moderate weather in the U.S. Midwest and beneficial rains following a heatwave.
On Thursday, CBOT soybean prices increased due to buying activity to cover higher export demand, although expectations of a strong U.S. crop limited the gains, traders said.
Source: thitruonghanghoa.com
SHORT NEWS
BANGKOK, THAILAND — Thailand’s milled rice production is projected to reach 20 million tonnes in marketing year 2024-25, up slightly from 19.7 million tonnes in 2023-24 in response to recent high farm-gate prices encouraging acreage expansion coupled with improved yields, while exports dip, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture.
Source:world-grain.com
