VINIMEX are pleased to update market news on September 13, 2022 as below
The agency now projects a national yield forecast of 172.5 million bushels per acre (down 2.9 bpa from last month) and 80.8 million harvested acres (down 1.0 million from August). On the demand side, USDA slashed total corn use by 250 million bushels, which includes 100 million fewer feed and residual use, and 50 million fewer ethanol production. All told, supply is falling more rapidly than use, with USDA lowering ending stocks by 169 million to 1.2 billion. USDA expects 54% of the corn crop in good-to-excellent condition through September 11. Harvest progress is expected to reach 4% through Sunday, with individual trade guesses ranging between 3% and 5%. Preliminary volume estimates were for 307,219 contracts, moving well ahead of Friday’s final count of 178,402.
WHEATAhead of USDA’s crop progress report, out Monday afternoon, analysts think the agency will show winter wheat plantings move from 3% a week ago to 10% through Sunday. This season’s spring wheat harvest is expected to move from 71% completion last week to 83% as of September 11. Both Russia and Ukraine are typically among the top wheat exporters in the world. Ukraine’s production potential, on the other hand, also trended higher from a month ago but will end up being significantly lower year-over-year, at around 753.2 million bushels. Preliminary volume estimates were for 75,567 CBOT contracts, which was slightly lower than Friday’s final count of 81,843.
PRICE MOVEMENT ON CBOT SEPTEMBER 12