CORN
Closing the session at the beginning of this week (December 12), the price of CBOT corn increased sharply at $3.9/ton due to fear of the risk of grain disruption from the Black Sea region.
However, due to concerns about the Black Sea issue, corn prices fell in two consecutive sessions on December 13 and December 14.
In the session on December 15, corn price turned to increase by $1.2/ton, the price increased because it was supported by the positive information about the grain export activities of the US. USDA’s updated report on Thursday showed that export sales for the period from December 2 to December 8 reached 958.9 thousand tons of corn, up 38.6% from the previous week.
At the end of the last trading session of the week (Dec 16), the price of CBOT corn dropped again. The market is concerned about the weakening global economic situation causing the demand for agricultural products to slow down, thereby putting pressure on world prices.
WHEAT
Like corn, CBOT wheat price increased strongly at the beginning of the week an increase of 7.5 USD/ton compared to the previous session and the price decreased for 2 consecutive sessions by 1.5 USD/ton on December 13 and down 0.5 USD/ton at the end of midweek session.
However, thanks to positive information about US grain exports, CBOT wheat prices increased by 2.9 USD/ton on December 15.
In Argentina – one of the world’s largest wheat exports, the Rosario exchange on December 14 cut its estimate of its 2022/23 wheat harvest to 11.5 million tonnes.
Wheat prices fell 1.4 USD/ton in the last session of the week, bringing the price down to 276,8 USD/ton.
SOYBEAN AND SOYBEAN MEAL
Unlike wheat and corn, CBOT Soybean and Soybean meal prices fell sharply in the first session of the week as beans fell by 8.5 USD/ton and soybean meal dropped by 23.6 USD/ton ending the rising chain that lasted from December 1 to 9 Due to profit – talking pressure after. The price spike was strong at the beginning of last week. In addition, prices fell as heavy rainfall in Argentina eased concerns about damage to soybean crops.
There was an opposite trend for corn and wheat when in the next session, on December 13 and midweek session on December 14, soybean and soybean meal prices continued to increase again. Positive news on US exports is a factor that helps prices rebound. The market expects US soybean export demand to remain high until farmers harvest the new crop (early 2023)
However, CBOT soybean and soybean meal prices closed last session (December 15) adjusted down by 3.2 and 5.3 USD/ton, due to the influence of the US dollar’s appreciation and concerns about the economic situation. Weakening global economy slowdown market demand. On the other hand, the decrease in price was somewhat limited thanks to positive information about US exports.
While corn and wheat prices fell at the end of the week, soybean and soybean meal had the opposite trend. CBOT soybean and soybean meal prices corrected to 2.4 and 8.5 USD/ton respectively supported by positive news on US export activities.
