VINIMEX are pleased to update market news on August 03, 2022 as below 


Weather: Scattered showers are possible across parts of the Corn Belt, with the greatest chance of accumulation in the Upper Midwest and West-Central Plains. Although precipitation is expected to be light, parts of South-Central Illinois and Indiana may receive up to three quarters of an inch. Temperatures above average continue to plague NOAA’s 6- to 10-day and 8- to 14-day forecasts, which were updated yesterday.

General: Concerns about Pelosi’s visit to Taiwan and Ukraine’s grain flows drive the dollar higher once more. Furthermore, improved crop conditions cause losses in soybeans and spring wheat. 

SOYBEANAs of July 31, 79 percent of the soybean crop was blooming, according to NASS. This is only 1% lower than the national average and represents an increase from 64% last week. According to the report, 44 percent of the crop was setting pods, up from 26 percent last week and down 7 percent from the average rate. The Brugler500 index rose 2 points from the previous week to 357 as 1% of the crop improved from fair to excellent (not same physical acres). Traders had predicted a drop for the week due to the heat. The soy crush in June was confirmed to be 174.06 mbu. This was consistent with trade expectations. The crush in May was 180.887 mbu, and the crush in June was 161.73 mbu.


CORNAccording to Weekly Crop Progress data, as of 7/31, 80 percent of the corn crop was silking. This was up from 62 percent last week and was only 5 percentage points slower than the average pace. According to NASS, 26 percent of the crop had reached the dough stage, compared to 31 percent on average. According to NASS, 1% of the sample moved from poor to VP. Brazil’s AgRural reported that the second crop corn harvest in the Center South region was 73% complete. The corn grind for ethanol in June was 441.95 mbu. That was down less than 1% from the previous month, but up from 4.34 mbu in June of ’21. According to the report, 1.919 million tons of DDGS were produced in June, up from 1.89 million the previous month.

WHEATAccording to the NASS Crop Progress report, winter wheat harvest has reached 82 percent. This was up from 77 percent last week, particularly in Michigan, Montana, and Oregon. By 7/31, the 5-year average harvest rate would be 85 percent. The weekly report for spring wheat showed that 97 percent of the crop was headed, trailing the average by 2 percent points. Russia’s Agriculture Ministry reported 51 MMT of grain harvested through 8/2, with 44 MMT of wheat in particular.





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