CORN
CBOT corn prices ended Monday’s session slightly lower as lower wheat and crude oil prices added to bearish sentiment in the market.
Corn prices continued to decline on Tuesday amid abundant global supply and lower wheat and bean prices. The U.S. Department of Agriculture’s weekly crop progress report late Monday showed corn was seeded at 27%. Corn prices were heavily influenced by wheat prices, falling for the second consecutive session due to weak demand, profit-taking and a low-risk market environment.
The corn market closed high on May 1 and May 2.
Closing the session on January 2, CBOT corn prices increased due to floods disrupting harvest activities in leading exporter Brazil and leaf-eating insect diseases destroying Argentina’s corn crop.
WHEAT
CBOT wheat prices fell on Monday, ending a prolonged rally last week as rain forecasts in southern Russia eased concerns about dry conditions. USDA reported U.S. wheat export inspections for the latest week at 481,183 tons.
CBOT wheat prices continued to decline on Tuesday due to weak demand, market uncertainty and ample deliveries compared to the May contract. Dry concerns in the Delta wheat belt The southern United States reinforced the value, although weather charts continued to point to reduced rainfall in parts of the world’s top wheat exporter Russia in the coming days.
Wheat prices closed on May 1 under heavy pressure when crude oil prices dropped more than $3/ton.
Wheat prices closed slightly higher on May 3 as traders eased concerns that dry weather in Russia and the US would affect output and supply.
SOYBEAN
Bucking wheat prices, bean prices closed higher Monday as oilseed workers went on strike in Argentina, a top exporter of soybean meal and oil. The strike is expected to limit Argentine soybean meal and oil exports in the coming days, benefiting U.S. soybean demand, analysts said.
Bean prices turned lower on Tuesday as lower soybean oil prices dragged down bean prices amid weak demand and heavy deliveries in May. Weekly crop progress report from the US Department of Agriculture, released after trading ended on Monday, showed soybeans planted at 18%.
Bean prices increased on May 1 and 2, the outside market also had many mixed changes, the dollar decreased by 0.31, crude oil prices also decreased slightly.
Source: thitruonghanghoa.com
SHORT NEWS
The Indian government lifted the ban on onion exports on Saturday, a day after the government announced a 40% tax rate. While lifting the ban, the government also announced a minimum export price of 550 USD/ton.
https://www.reuters.com/
