In September, the prices of commodities such as international crude oil continued to fall significantly, and the grain and oil market generally showed a weak operation. Among them, grain prices have stopped falling for three consecutive months and have risen; oil prices have risen and fallen, and overall have fallen.
Food prices stop falling and rise. wheat market, as the temperature gradually turns cooler and the peak season for flour consumption gradually approaches, wheat demand will gradually increase, driving prices to recover. In September, the average prices of American hard wheat spot and Chicago Exchange soft red winter wheat futures html in February were US$391/ton and RMB306/ton, respectively, up 4.26% and 6.25% from the previous month, respectively, stopping the three consecutive months of decline.
corn market, the latest report released by the EU Food Trade Chamber of Commerce predicts that the corn production in EU 27 in 2022 will be 51.94 million tons, far lower than the 66 million tons previously forecast, and a 26% decrease from 70.2 million tons in 2021, setting a lowest yield in 15 years, mainly due to the hot and dry weather in some countries during the pollination period, resulting in a sharp drop in corn yield. In September, the average prices of US corn spot and Chicago Exchange corn futures html in February were US$267/ton and US$268/ton, respectively, down 2.55% and up 9.38% from the previous month.
Rice market, Vietnam said it reached an agreement with Thailand to raise rice prices, but previous expectations pushed prices to remain high. The average monthly price of Chicago brown rice futures in September was US$383/ton, up 2.13% month-on-month. At the end of September, the export price of Thailand's 5% crushing rate was US$428/ton, up 10/ton; the export price of Vietnam's 5% crushing rate was US$405/ton, up 13/ton; the export price of Pakistan's 10%-15% crushing rate was US$405/ton, up 35/ton; the price of India's 25% crushed long-grain rice FOB was US$360/ton, up 25/ton.
oil and fat prices generally fell. After the international oil and oil prices stabilized in August, they rose and fell in September, and generally fell. The price of soybean futures on the Chicago Exchange in the United States was US$549/ton, a decrease of 5.51% month-on-month; the spot price of soybeans in the United States was US$570/ton, a slight increase of 0.35%; the price of soybean FOB at Cape Madrid port in Brazil was US$554/ton, a decrease of 0.72%.
In September, the price of soybean oil futures in the US market was 69.29 cents/pound, up 1.81% month-on-month; the spot price of soybean oil was 76.82 cents/pound, up 0.95%; the price of soybean meal futures in the US was 451 US dollars/short ton, down 6.23%.
September Intercontinental Exchange (ICE) rapeseed futures price was 810 CAD/ton, a month-on-month decrease of 3.8%; Malaysia palm oil spot price was 3852 ringgit /ton, a decrease of 5.88%. (The original article was published in the A03 edition of the Grain and Oil Market Report on October 1, 2022)
Source丨Grain and Oil Market Report
Total duty 丨Liu Xinhuan Coordinator丨Liu Chao Edit丨Wang Li
