VINIMEX are pleased to update market news on November 15, 2022 as below 


Weather: According to NOAA’s latest 72-hour cumulative precipitation map, most areas east of the Mississippi River will see at least some measurable rain or snow between Tuesday and Friday, but few will receive significant amounts. The new 8-to-14-day forecast predicts mostly seasonally dry conditions for the Corn Belt between November 21 and November 27, with cooler-than-normal conditions prevalent in the central United States next week. 

General:  Grain prices were mixed to begin the week following some erratic technical maneuvering on Monday. Wheat contracts were the biggest winners, with variable gains ranging from 0.5% to 1.75%. Corn briefly gained this morning before falling back into the red by the close. Soybeans fell nearly 1% as concerns about Chinese demand persisted. SOYBEANSAccording to Weekly Crop Progress data, soybean harvesting has advanced 2% points to 96% completion. With LA, NE, ND, and SD now completed, that is 5% higher than the national average. Iowa and Illinois harvested at 99% and 98%, respectively. Data from Weekly Inspections confirmed that 1.858 MMT of soybeans were exported during the week ending 11/10. This was down from 2.61 MMT the previous week and lower than the 2.43 MMT shipped during the same week last year. According to USDA, 56% of the week’s beans left via the Gulf, with 47.3% specifically via the Mississippi River. China received 1.27 million tons of the total.


As of 11/13, NASS reported that 93% of the 22/23 corn crop had been harvested. That was up by 6% over the week, with NC and TN joining TX in being finished. By 11/13, the 5-year average harvest rate would be 85%. According to the USDA’s weekly Export Inspections data, 484,001 MT of corn was shipped during the week ending 11/10. This was a 251k MT increase from the previous week, but it was less than the 867k MT shipped during the same week last season. China was the week’s top buyer, accounting for 208k MT of the total, mostly via the Gulf, with the MS River accounting for 65% of exports. 


WHEATAccording to USDA Crop Progress data, 96% of the 23/24 winter wheat crop had been planted as of 11/13. This is 4% higher than the previous week and 3% higher than the national average. The average level of emergence was 81%. Conditions for winter wheat improved to 32% good/ex for a Brugler500 score of 291, up from 286 last week and 326 last year. Weekly wheat export data from the USDA showed 76,408 MT of shipments for the week ending 11/10. This was a 106k MT decrease from the previous week and a 323.8k MT decrease year on year. According to the data, 57.7k MT of the export was HRS, with 17k MT of HRW. The Philippines, Mexico, and Colombia were nearly the only options. 



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