News summary
Corn futures prices have been weak recentlyclassicarcadegameslistAffected by rumors of price cuts in brown rice; soybean meal stocks increased, demand was average, and futures showed strong shocks; palm oil exports fell, output recovered, and internal and external markets fluctuated; egg spot prices were stable, and futures were weak in the short term; pig prices rose, and the spot market bullish sentiment warmed up.
Newsletter text
[Corn prices are dragged down by rumors of price cuts in brown rice, and bullish sentiment remains in North China.] In Tuesday's trading, the recent contract price of corn fell, mainly affected by unfavorable rumors about price cuts in the supply of brown rice. At the same time, corn purchase prices in the North China market showed signs of stopping and stabilizing. Market sentiment was generally bullish, and this bullish sentiment was expected to support prices.
[CBOT soybean futures prices setback U.S. sowing progress, driving market adjustment] On Tuesday, soybean futures prices on the Chicago Mercantile Exchange (CBOT) fell, mainly due to the sluggish soybean meal market and the faster-than-expected progress of spring sowing in the United States. The latest crop sowing report shows that the sowing rate of U.S. soybeans has reached 52%, exceeding market expectations, although it is down from 61% in the same period last year.
[BMD palm oil futures prices fell due to reduced exports and fluctuations in crude oil prices] Palm oil futures prices on the Malaysian Derivatives Exchange (BMD) fell on Tuesday, mainly due to a decline in export volume forecasts in May. In addition, the seasonal recovery of palm oil production and fluctuations in crude oil prices have also put additional pressure on palm oil prices.
[Egg futures prices fluctuated and weak Spot prices were stable] On Tuesday, egg futures prices showed a volatile and weak trend, and major contracts closed down. The spot price of eggs was basically the same as the previous day, and the market purchase and sales situation was relatively stable. Spot egg prices are expected to rebound somewhat, boosted by seasonal demand in the third quarter.
[Pig futures prices adjust Bullishness in the pig spot market heats up] On Tuesday, pig futures prices adjusted, while the spot market showed optimism. The average price of the pig market in Henan has increased, and pig prices in many places have been linked to increase. The bullish sentiment in the spot market has heated up significantly, providing certain support for futures prices.