VINIMEX are pleased to update market news on July 12, 2022 as below 


Weather: The Midwest and Plains are expected to have warmer-than-normal temperatures between July 18 and July 24 according to NOAA’s 8-to-14-day outlook. Next week, the central United States is anticipated to experience more typically dry weather. While portions of the eastern Corn Belt may have trace quantities up to 0.25 of moisture during this time, the Plains and western Corn Belt are unlikely to experience any meaningful moisture.

General: As traders finalized their positions in advance of tomorrow morning’s release of the next World Agricultural Supply and Demand Estimates report from the USDA, corn and soybean prices increased today. Following a round of technical purchasing, wheat prices failed to follow suit, with variable, but mostly negative results. This week, the Southern Plains might see record high temperatures, while much of the Midwest experienced today’s hot, dry weather.

SOYBEANThe weekly Crop Progress report showed 32% of soybeans were blooming and 6% were setting pods. The 5-yr average pace would have 38% blooming and 9% setting pods by week 28. Bean conditions ratings were 52% good/ex in the report, down from 53% last week, but steady at 361 on the Brugler500 Index. Weekly Export Inspections data showed 356,716 MT of soybeans were exported during the week that ended 7/7. That was down from 437k MT last week, but was 156k MT above the same week last year. The USDA added 82k MT of bean shipments to past reports, leaving the season’s accumulated total shipment as 52.174 MMT. At the same time last year, a record 57.786 MMT had been shipped.

CORNRainfall is expected to fall from the mid-NE through the KY/TN/NC border, according to NOAA’s 7-day QPF. The ECB will catch 1 to 2″ over the week, while Eastern NE/Western IA will catch close to 3″. The Dakotas will also receive sporadic rainfall, with most fields receiving less than 1 1/2″ over the next seven days. Statistics Canada reported that 3.633 million acres of corn were planted in the 22/23 growing season. This is an increase of 4.1 percent year on year from 3.56 million acres in 2020/21.

WHEATAccording to the USDA’s National Agricultural Statistics Service, 63 percent of the 22/23 winter wheat crop was harvested. This is up from 54% last week and in line with the 61 percent average. Oklahoma is finished harvesting, while Arkansas is 99 percent, Texas is 97 percent, and Missouri is 98 percent. In Idaho, harvest has yet to begin. Wheat exports were 309,802 MT during the week ending 7/7, according to Weekly Inspections data. This was up from 273k MT the previous week but less than the 429k MT shipped during the same week last year. HRW accounted for roughly one-third of the total, with HRS and SRW each accounting for 80-85k MT. USDA also included 161k MT of late-reported exports for a season total of 1.922 MMT, up from 2.337 MMT at the same time last year.


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