DAILY MARKET NEWS AUG 19, 2022

19/08/2022

VINIMEX are pleased to update market news on August 19, 2022 as below 

COMMODITY MARKET MOVEMENT ON CBOT – August 18, 2022

Weather: According to the U.S. Drought Monitor, 66.6% of the United States is experiencing some level of drought as of August 16. Regional differences are significant, with the majority of the issues occurring in the West. The NOAA 8-to-14-day forecast predicts wet weather for the Southern Plains and parts of the eastern Corn Belt between August 25 and August 31.

 
 
General: After some erratic technical maneuvers on Thursday, grain prices were inconsistent. With prices up 1.25% after USDA issued a better-than-anticipated round of export statistics this morning, soybeans witnessed the biggest gain. The price of corn was also rising, rising about 0.5%. As Ukrainian shipments increase despite already hazy U.S. demand, CBOT wheat prices experienced significant decreases and declined for the sixth straight day.

SOYBEANAccording to FAS data, 96,892 MT of old crop soybeans were sold during the week ending 8/11. That was to be expected, as previously unknown sales were switched to their final destinations, as well as light new business. USDA had 59.558 MMT (2.188 bbu) in total old crop commitments, with 55.5 MMT (2.04 bbu) already shipped. According to the weekly report, 1.302 MMT of new crop was sold, compared to the highest estimate of 650k MT. 328k MT were previously announced to China, but they booked an additional 451k MT on top of that. Unknown and Mexico were also significant buyers this week. Total forward sales stood at 17.045 MMT as of 8/11, up from 13.9 MMT at the same time last season.

CORNDuring the week ending 8/11, 99,321 MT of old crop corn was sold for export, according to the USDA’s FAS. Some light sales to China and some South/Latin American countries were offset by light cancellations to Nicaragua and Trinidad and Tobago, as expected. As of 8/11, accumulated old crop commitments totaled 60.95 MMT (2.4 bbu). The weekly report showed 750,040 MT sold for the new crop, up from 253k MT previously announced. According to USDA data, 8.8 MMT of new crop corn was on the books for 22/23 delivery. According to Chinese Customs data, July corn imports totaled 1.54 MMT, a 46% decrease from July 21. The 7-month YTD total reached 15.13 MMT, down from 17.66 MMT last year.

WHEATAccording to the USDA’s Export Sales report, 207,152 MT of wheat was sold for export during the week ending 8/11. This was a decrease from 360k MT last week as a MY low and fell short of expectations. The top buyers were Mexico and the Philippines. Spring wheat was the most popular variety this week, accounting for one-third of total sales. Four more loaded vessels have left Ukrainian ports, bringing the total since August 1st to 24. Some are now transporting wheat. Ukraine’s wheat exports totaled 658k MT as of 8/15. This compares to 2.09 MMT at the beginning of last year’s pre-invasion program.

 

PRICE MOVEMENT ON CBOT AUGUST 18

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