World agricultural markets under strong selling pressure

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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.

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Cocoa prices reverse downward trend

Cocoa prices also reversed course and fell 0.79%, as the market worried about weak demand in the second quarter in Europe and Asia due to record high prices. The market expects European ground cocoa output to fall 2% year-on-year to a four-year low. Meanwhile, Asian and North American ground cocoa output is also expected to decline in reports 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 level in nearly four years. Brazil’s higher-than-expected exports this month were a factor that fueled 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 well supplied, which is a factor that has weakened soybean prices.

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

LSEG's Commodity Research Centre has 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 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