CORN
Spot purchase prices for U.S. soybeans and corn were mostly stable or weaker at grain elevators and river terminals on Monday.
Farmers have hedged some of their corn as prices recovered from initial losses, according to John Stewart & Associates. The basis had a generally weaker tone, particularly in the western regions, the company added.
U.S. spot corn prices were steady or lower at grain processing plants on Tuesday as futures prices continued to decline.
Traders reported that old-crop corn prices fell sharply on Wednesday due to favorable U.S. crop prospects and farmers beginning to sell their ample old-crop corn supplies.
WHEAT
CBOT wheat prices surged on Monday as U.S. export inspection data showed signs of strong demand, and traders awaited the USDA’s weekly crop progress and conditions report.
CBOT wheat prices eased on Tuesday due to low Russian wheat prices and ongoing progress in the U.S. winter wheat harvest.
By Wednesday’s close, CBOT wheat prices rose due to tensions in the Middle East, a weaker U.S. dollar, and forecasts for lower wheat production in Europe supporting the prices.
SOYBEANS
CBOT soybean prices dropped sharply on Monday due to expectations of beneficial rains for the U.S. Midwest crop while traders awaited the USDA’s weekly crop progress and conditions report.
CBOT soybean prices closed at a four-year low on Tuesday due to weak U.S. soybean demand from China, favorable crop conditions, and anticipated beneficial rains in the U.S. Midwest.
By Wednesday’s close, CBOT soybean prices increased as tensions in the Middle East pushed prices up, although favorable weather in the U.S. Midwest continued to pressure the market, according to traders.
Source: thitruonghanghoa.com
SHORT NEWS
WASHINGTON, DC, US — A gradual recovery of US flour production continued in the second quarter of 2024 with an increase of almost 2% from a year earlier, according to data issued Aug. 1 by the National Agricultural Statistics Service (NASS) of the US Department of Agriculture.
Source: world-grain.com
