Corn prices continue to decline

According to the Vietnam Commodity Exchange (MXV), at the close of yesterday's trading session, corn prices fell more than 1%, marking the fourth consecutive session of decline.

According to the Vietnam Commodity Exchange (MXV), the world raw material market was divided in the trading session on November 26. However, buying power still dominated, pushing the MXV-Index up 0.23% to 2,188 points. In the agricultural market, corn prices continued to decline for the fourth session due to the prospect of a bumper crop in South America.

Thị trường hàng hóa hôm nay 27/11: Giá ngô nối dài chuỗi suy yếu

MXV-Index

Corn prices fell for the fourth consecutive session

According to MXV, corn prices closed down more than 1% yesterday, marking the fourth consecutive session of decline. The market was under pressure after President-elect Donald Trump threatened to impose tariffs on major trading partners, along with the prospect of a bumper crop in South America.

Agricultural product price list

President-elect Donald Trump said he plans to impose a 25% tariff on imports from Canada and Mexico until those countries do more to curb drug and immigration issues, and also outlined an additional 10% tariff on imports from China. This raised concerns that US corn exports would be affected, especially to key partners like Mexico and China. The outlook for weaker demand was the main factor that weighed on the market yesterday.

Meanwhile, corn supplies in South America are expected to remain relatively abundant. According to CONAB’s forecast, Brazil’s 2024-25 corn production is forecast to increase by 3.6% compared to the previous crop year thanks to more favorable conditions than last year. Meanwhile, Argentina’s corn exports are forecast to reach their highest level since 2020-21, thanks to strong global import demand, despite the sharpest decline in planted area in 17 years due to disease concerns.

In contrast to corn, wheat prices received light buying yesterday, supported by concerns about supply from Russia, the world's largest exporter.

Sovecon, a consultancy, recently lowered its forecast for Russia’s total wheat and grain exports for the 2024-25 season, cutting the forecast for wheat exports from 45.9 million tonnes to 44.1 million tonnes as export quotas are expected to be tightened next year, a factor that has helped boost buying in the market.

Prices of some other goods