VINIMEX are pleased to update market news on JUNE 22, 2022 as below
COMMODITY MARKET MOVEMENT ON CBOT – June 21, 2022
Weather: Seasonally dry weather is expected to persist in the eastern Corn Belt between June 28 and July 4, according to NOAA’s 8-to-14-day forecast. During that time, most of the central United States will likely experience warmer-than-normal temperatures.
General: Grain prices started off poorly in a holiday-shortened week. Wheat prices were the hardest hit, with most contracts falling by 4.5 to 5.5 percent. Corn prices have also dropped significantly, losing more than 3%. Soybeans were relatively unscathed, but fell by more than 1%.SOYBEANAccording to NASS Crop Progress data, 94 percent of the 22/23 soybean crop had been planted as of 6/19. This is up from 88 percent last week and puts us 1 percentage point ahead of the average. The rate of emergence was 83 percent, up from 70 percent the previous week and 84 percent on average. NASS conditions were 68% good/ex. The weekly Export Inspections report for the week of 6/16 showed 427,344 MT of soybean shipments. This was a decrease from the previous week’s total of 608k MT, but it was more than double the same week last year. The season’s pace was 50.9 MMT through 6/16, according to USDA, compared to 57.25k MT during the same week last year.
CORNPlanting pace was unreported in NASS weekly new crop data, implying completion. As of 6/19, national corn emergence was 95%. This is in line with the 5-year average. During the week of June 16th, the USDA reported 1.184 MMT of corn shipments. This was down from 1.22 MMT the previous week and 1.775 MMT inspected the same week last year. MYTD corn shipments were 46.16 MMT, down from 56 MMT the previous season.
WHEATAccording to the USDA’s weekly Crop Progress report, 98 percent of the spring wheat crop was planted and 89 percent was up. Planting is typically completed by June 19th, with a 5-year average emergence rate of 97 percent. Spring wheat conditions were reported to be 59% good/ex and only 6% poor/VP. USDA Export Inspections showed 331,328 MT of wheat for the week ending 6/16. This was down from 412k MT the previous week and 555k MT the previous year during the same week. HRS exports led the complex, accounting for 136,256 MT of the total. White added another 18k MT of durum to make up 90k MT. The remaining 87k MT were winter wheats. USDA also added 23k MT to previous reports, bringing the year-to-date total to 969,953 MT.
PRICE MOVEMENT ON CBOT JUNE 21
