VINIMEX are pleased to update market news on JUNE 29, 2022 as below
COMMODITY MARKET MOVEMENT ON CBOT – June 28, 2022
Weather: Between July 5 and July 11, the central United States is expected to experience some return of seasonably rainy weather, with widespread warmer-than-normal temperatures probable. Between Wednesday and Saturday, the Midwest and the Plains should see sporadic showers, especially north of I-80. According to NOAA’s most recent 72-hour cumulative precipitation chart, few locations are anticipated to experience substantial quantities.
General: Today’s grain prices were uneven, but they were generally higher thanks to strong gains from corn and soybeans. Late Monday afternoon, the USDA unexpectedly reduced the quality ratings for both harvests by three points. Soybeans rose 2.25 percent, and nearby corn contracts firmed more than 1.5 percent. Wheat was mixed; contracts from Chicago and Kansas City both made significant gains.
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. Soybean condition ratings equaled a Brugler500 score of 365. This is a 6 point decrease from last week’s reading and a 10 point decrease from the initial score. By the end of July, Indonesia plans to increase the biofuel blend to B40. The country currently has a B30 blend requirement.
CORNAccording to NASS, 4% of the 22/23 corn crop had reached the silking stage. This is in line with the 5-year average. Corn crop conditions were converted to a 369 on the Brugler500 Index, a 7-point decrease from the previous week and an 11-point decrease from the initial reading. 65 percent were rated as good or excellent. North Carolina, Kentucky, Tennessee, and Indiana fell the most this week, with only Iowa and North Dakota improving week over week. 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 received a 43 percent good/ex rating.
WHEATRussia’s wheat crop was estimated at 88.8 MMT by the EU’s MARS, citing favorable weather and timely rain fall. They also projected Kazakhstan at 14.2 MMT, a 28.2 percent increase year on year. Wheat harvesting in France is 2 percent complete, having begun slightly earlier than last year. As of June 20, France AgriMer reported that conditions were 64 percent good/ex. This is a 1% decrease from the previous week.
PRICE MOVEMENT ON CBOT JUNE 28
