VINIMEX are pleased to update market news on JUNE 28, 2022 as below
COMMODITY MARKET MOVEMENT ON CBOT – June 27, 2022
Weather: Between July 4 and July 10, the NOAA 8-to-14-day forecast predicts a return to seasonably wet weather for parts of the Corn Belt. Between Tuesday and Friday, almost no measurable moisture is expected to fall on the central United States outside of Minnesota, Wisconsin, and Michigan. However, warmer-than-normal temperatures are expected next week, with numerous chances for showers and thunderstorms.
General: Grain prices were mixed but mostly lower today as harvest progress in the Northern Hemisphere continues to dispel concerns about global stock shortages. Soybeans outperformed the market, rising nearly 1.5 percent as old crop stocks remained extremely low. Corn prices have also been trending lower, owing in large part to farm-friendly forecasts as the month of June comes to a close.
SOYBEANCrop Progress data released after the close showed that as of 6/26, 98 percent of new crop beans had been planted and 91 percent had emerged. That is 1% higher than the national average and the same as the 5-year average. The USDA reported that 468,309 MT of soybeans were exported during the week ending June 23. This was an increase of 40k MT from the previous week and more than four times the same week last year. As of June 23, the USDA reported an aggregate export total of 51.373 MMT. This is still 10.4 percent slower than last year’s pace.
CORNAccording to NASS, 4% of the 22/23 corn crop had reached the silking stage of development. This is in line with the 5-year average. According to the Crop Progress report, milo planting was 90 percent complete as of 6/26. This was a 10% increase from the previous week and only a 4% decrease from the average. The crop had a good/ex ratio of 43%. According to weekly inspection data, 1.246 MMT of corn was exported during the week ending June 23. This was up 54k MT week on week and 200.8k MT higher than the same week last year. With 476,658 MT, Japan was the week’s top destination. Corn exports totaled 47.416 MMT as of June 23. This is still down 16.9 percent year on year.
WHEATSpring wheat emergence was 98 percent as of 6/26, according to NASS Crop Progress data released after the close. Only 8% of the crop was headed, compared to an average of 34%. Spring wheat conditions improved in Washington, but the Brugler500 Index fell 5 points to 354 nationally. Weekly wheat exports were 352,404 MT for the week ending June 23. That was an increase of 4000 MT per week and 61k MT year on year. The accumulated wheat export program reached 1.34 MMT as of 6/23, up from 1.54 MMT at the same time last year.
PRICE MOVEMENT ON CBOT JUNE 27
