World agricultural markets under strong selling pressure

The boom in exports from major producing countries put pressure on the market. The commodity price index of all three groups (except energy) decreased, pulling the MXV-Index down 0.44% to 2,259 points.

Cocoa prices reverse downward

Cocoa prices also reversed lower, down 0.79%, amid concerns about weak demand in the second quarter in Europe and Asia due to record prices. The market expects European ground cocoa production to fall 2% year-on-year to a four-year low, while Asian and North American ground cocoa production is also expected to decline in reports due next week.

Industrial raw material price list

Many agricultural products are under pressure to sell as soon as trading opens.

At the close of yesterday’s trading session, agricultural markets saw all commodities fall across the board. CBOT soybeans fell more than 1%, marking the third consecutive session of decline. The market remained under pressure and closed at its lowest price in nearly four years. Brazil’s higher-than-expected exports this month were a factor that fueled the selling pressure in the market.

Agricultural product price list

In a new report, the Brazilian Grain Exporters Association (ANEC) forecasts that the country will export 10.29 million tons of soybeans in July, up from the previously reported 9.5 million tons. This is lower than the 14.5 million tons recorded in June but surpasses the 9.9 million tons recorded in the same period last year. Brazil's increased exports are expected to continue to keep the market abundant, which is a factor that has weakened soybean prices.

Wheat prices fell nearly 2% yesterday, under selling pressure from the opening. Improved weather in Russia was the factor that kept the market under pressure.

LSEG's Commodity Research Centre recently raised its forecast for Russia's 2024-25 wheat production to 82.9 million tonnes, up slightly from its previous estimate as the return of rains to the Urals and Siberia has improved soil moisture. This is expected to push the spring wheat yield up to 1.97 tonnes per hectare, improving supplies. Weather forecasts for above-normal rainfall in Siberia for the rest of the week and wet conditions in spring wheat growing regions have weighed on the market.

In the domestic market, yesterday, the price of imported South American soybean meal at our country's ports tended to decrease slightly. At Cai Lan port, the price of soybean meal for November and December this year fluctuated around 11,450 VND/kg. Meanwhile, at Vung Tau port, the price was lower, fluctuating around 11,300 VND/kg.

Prices of some other goods

Energy price list

Metal price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-ngay-1172024-thi-truong-nong-san-the-gioi-chiu-suc-ep-ban-manh-me-331418.html