VINIMEX are pleased to update market news on JUNE 14, 2022 as below 


Weather: On Tuesday, the heat index in Minneapolis is expected to reach 99 degrees. Large swaths of the Midwest have been issued with heat advisories, including areas as far north as Minnesota and the Dakotas. Rainfall will be variable later this week, with Iowa, Wisconsin, and North Dakota having the best chances between Tuesday and Friday.

General: Soybeans suffered the most damage, with prices falling more than 2% on Monday. Corn and wheat losses were more manageable after most contracts fell 0.25 to 0.75 percent. Some grain prices tested modest gains overnight, but by the close, everything was in the red.

SOYBEANAccording to Crop Progress data as of 6/12, soybean planting had advanced 10% wk/wk to 88 percent completion. The NASS reported 70 percent national emergence, up from 56 percent last week and 74 percent on average. The first look at soybean conditions revealed a 70% good/ex ratio. According to Weekly Export Inspections data, 605,129 MT of soybeans were exported during the week of June 9th. That was nearly double the 365k MT shipped the previous week and compares to 141k MT shipped the same week last year. The official May soybean export from Brazil was 10.633 MMT, according to the Trade Ministry. This was a 4.3 MMT year on year decrease, marking the lowest May shipment in 5 years.


CORNFollowing the close, NASS reported that corn planting progress was 97 percent complete across the country. Corn emergence was at 88 percent as of 6/12, up 10% from the previous week and just 1ppt behind average emergence. According to the USDA’s weekly Export Inspections data, 2 MMT of corn was shipped during the week of June 9th. This was higher than the previous week’s 1.458 MMT and the 1.61 MMT from the same week last year. China alone shipped 413k MT, with Mexico, Japan, and South Korea each receiving +150k MT. According to Brazilian Trade Ministry data, corn shipments totaled 1.166 MMT in May. That was a significant increase from the low 14k MT in May of this year. According to Ag Rural, Brazil’s second crop harvest reached 7%.


WHEATAccording to NASS, spring wheat planting is at 94 percent nationwide, with only MN (92 percent), MT (99 percent), and ND (91 percent) remaining. National emergence was 72 percent, up from 55 percent the previous week but still 21 percent below average. The initial spring wheat conditions were 54% good/ex and 9 percent poor/vp. According to an anonymous government official, importers were looking for wheat from India. Indonesia, Oman, the United Arab Emirates, Bangladesh, and Yemen had all requested price quotes for wheat.




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