The commodities market experienced a volatile trading week.

Commodity market today, July 11, 2024: Global agricultural markets under strong selling pressure. Commodity market today, July 12, 2024: Green returns to global raw materials markets.

At the close of the trading week from July 8-14, prices in three out of four commodity groups (excluding industrial raw materials) fell, causing the MXV-Index to drop 1.93% to 2,260 points.

Thị trường hàng hóa hôm nay ngày 15/7/2024: Thị trường hàng hóa nguyên liệu trải qua tuần giao dịch biến động

The agricultural market faced significant buying pressure, with the commodity price index unexpectedly plummeting by 5.2% last week. Among the only commodities to see price increases, Robusta and Arabica coffee also experienced notable developments. Specifically, on July 9th, Robusta coffee prices reached a record high, surging by nearly $600 compared to the beginning of July 2024.

Agricultural product prices have fallen sharply.

At the close of trading last weekend (July 14), prices of 6 out of 7 agricultural commodities (excluding raw rice) plummeted by 5-6%. Corn experienced the least significant decline. After a sharp drop at the beginning of the week, the corn market fluctuated and recovered, particularly following the surprising data in the July World Agricultural Supply and Demand Report (WASDE) from the US Department of Agriculture (USDA).

Agricultural Product Price List

In this report, the USDA raised its forecast for U.S. corn production in the 2024-2025 crop year to 15.1 billion bushels, a negligible difference from market expectations. However, surprisingly, the 2024-2025 crop year inventory forecast was revised down to 2.09 billion bushels, contrary to analysts' predictions of an increase and falling below the predicted range. This adjustment was due to higher export and consumption figures for the 2023-2024 crop year compared to the previous report, significantly reducing beginning inventories for the 2024-2025 crop year. This factor caused corn prices to surge at the end of the week, narrowing earlier losses.

Conversely, weather conditions in the US improved last week. The remnants of Hurricane Beryl brought rain to the Eastern Corn Belt, particularly in the drought-stricken states of Illinois and Indiana. In its Crop Progress report, the USDA indicated that the percentage of good and excellent quality corn increased to 68% last week, up from 67% the previous week and well above the 50% recorded during the same period last year. This suggests a relatively positive outlook for the US crop, putting pressure on prices.

On the domestic market, as of the end of last week, the price of imported South American corn arriving at Vietnamese ports showed a slight decrease compared to the beginning of the week. At Cai Lan port, South American corn for delivery in the last three months of this year was priced at 6,400 VND/kg. The selling price of imported corn at Vung Tau port was 100 VND/kg lower than the price traded at Cai Lan port.

Prices of some other goods