VINIMEX are pleased to update market news on July 22, 2022 as below
COMMODITY MARKET MOVEMENT ON CBOT – July 21, 2022
Weather: Corn Belt temperatures will be near normal through next Tuesday, with 1/10 to 34″ of rain expected, with isolated amounts of 1-2″ in the central and northeastern corn belts. Rainfall in the Delta ranged from 14 to 12 inches across 35 percent of the region, with the heaviest amounts falling in central and southern Mississippi. More than one is possible in the North due to above-average temperatures.
General: Weather forecasts indicate that conditions will improve into the weekend, causing corn and soybean prices to fall.
SOYBEANThe trade expects +/- 200k MT of old crop beans to be added to the books in the weekly Export Sales report. The trade anticipates that less than 500k MT of new crop was sold during the week ending 7/14. Bookings for meals and BOs are expected to be in the 0-300k MT and 0-25k MT ranges, respectively. In the update, forward meal sales are estimated to be less than 150,000 MT, with less than 10,000 MT of soy oil sold for 22/23 through the week.
CORNUSDA announced a private export sale as China reserved 136k MT for delivery on 22/23. In tomorrow’s Export Sales report, traders expect between 100k MT of net cancelations and 200k MT of net new sales for old crop corn. The trade anticipates that between 10,000 and 500,000 MT of new crop bookings were sold during the week ending 7/14. According to weekly EIA data, 1.034 million barrels of ethanol were produced on average each day during the week ending 7/15. That was up from the previous week’s average of 1.005m bpd, but still down from the week of 7/1. According to the data, ethanol stocks were down 50k barrels to 23.553 million.
WHEATTraders are expecting between 300,000 and 850,000 MT of wheat bookings from the week ending 7/14, according to the weekly FAS Export Sales data. Egypt purchased 640k MT of wheat from France and Russia after citing the Western Hemisphere as being too expensive in their previous tender. Europe is still experiencing record-breaking heat, though crop damage reports are only rough estimates at this point.
PRICE MOVEMENT ON CBOT JULY 20