VINIMEX are pleased to update market news on October 11, 2022 as below
COMMODITY MARKET MOVEMENT ON CBOT – October 10, 2022
Weather: The new NOAA 8-to-14-day forecast predicts seasonably cool, dry weather for most of the central United States between October 17 and October 23. The Northern Plains may see no more rain for the rest of the week. Between Tuesday and Friday, a band of showers and thunderstorms will move across much of the Corn Belt.
General: Some contracts gained up to 6%. Other grains followed suit, with corn gaining double digits and soybeans gaining around 0.5%. Concerns have been raised about the liabilities of Black Sea shipments to Russia as tensions have risen. SOYBEANSAnalysts anticipate that the USDA will slightly increase global soybean stocks to 3.675 billion bushels in 2022/23 ahead of Wednesday’s WASDE report. According to USDA, global ending stocks were 3.635 billion bushels in September. According to the country’s Agrural consultancy, Brazilian soybean plantings for the 2022/23 season are at 9.6%, slightly lower than the 10.1% pace set in 2021 due to “erratic weather” that is keeping some equipment out of fields. “Constant rains and high humidity continue to predominate in the states of Parana, Santa Catarina, and Mato Grosso do Sul, preventing further advancement of the machines,” Agrural said earlier today. Most experts continue to predict a record-breaking harvest of at least 5.5 billion bushels this season.
In its next crop progress report, the USDA is expected to show solid harvest progress. Harvesting progressed at a 20% clip through October 2, matching the previous five-year average. Crop quality has remained stable over the last two weeks, with 52% rated as good-to-excellent. Analysts predict that global corn stocks will fall to 11.867 billion bushels in 2022/23. As of Monday morning, the Stack Island area was still congested with 22 tow boats hauling nearly 400 barges. At one point last week, there were at least 2,000 barges in the queue. This weekend, two stretches of the Mississippi River reopened to vessel traffic.
WHEATAnalysts anticipate a slight decrease in 2022/23 global wheat stocks to 9.829 billion bushels prior to the release of the USDA’s October WASDE report on Wednesday morning. Stocks stood at 9.868 billion bushels in September. Algeria has issued an international tender for 1.8 million bushels of soft milling wheat from optional origins, which will close on Tuesday. Algeria usually purchases more than the nominal amount specified in its tenders. The grain will be shipped in November.
PRICE MOVEMENT ON CBOT OCTOBER 10