VINIMEX are pleased to update market news on November 29, 2022 as below
COMMODITY MARKET MOVEMENT ON CBOT – November 28, 2022
Weather: The new NOAA 8-to-14-day forecast predicts seasonably wet weather for most of the United States between December 5 and December 11. During this time, the eastern Corn Belt has the best chance of seeing the highest totals. Next week, cooler-than-normal temperatures are expected to sweep across the Plains and into the Midwest.
General: Following a holiday-shortened week, grain markets resumed full-day trading on Monday. Soybeans benefited the most, tracking nearly 1.5% higher today. Wheat prices were less fortunate, trending 1% to 2.5% lower following technical selling. Corn failed to move the needle much in either direction, yielding results that were slightly mixed. SOYBEANSThe USDA reported a 110k MT soybean sale to an unknown. According to Weekly Inspections data, soybean exports totaled 2.022 MMT for the week ending 11/24. This was a 403k MT decrease from the previous week and a 237k MT decrease from the same week last year. As of 11/23, 29.4% of Argentine soybeans had been planted, trailing last year by nearly 20%. Argentina’s government announced a new soybean exchange rate for export sales from November 28 to December 31. This is intended to increase export business out of the country, increase tax collections and increase competition for the US.
According to Weekly Inspections data, 302,350 MT of corn was shipped during the week ending 11/24. This was down from 499k MT the previous week and far below the 806k MT from the same week last year. Mexico was the top destination for the week, accounting for half of the total, followed by China (69.8k MT). According to APK-Inform, the Ukrainian corn crop for 22/23 will be 27.9 MMT. Ukraine’s Agriculture Ministry reported that corn shipments have reached 9.1 MMT since July 1, up 66% from the same period last year. Russia increased their nitrogen fertilizer export quota by 750k MT to +9 MMT, which is valid until December 31.
WHEATThe Crop Progress report from the USDA will be delayed until tomorrow afternoon due to system outages. The final winter wheat rating until next spring is estimated to be 33% good/ex, 1 point higher than last week. During the week ending 11/24, the USDA reported 198,519 MT of wheat was inspected for export. That is 93,500 MT less than last week and 192,252 MT less than the same week last year. HRW accounted for 57% of the week’s wheat exports. The most popular destinations were Mexico and Ethiopia.
PRICE MOVEMENT ON CBOT NOVEMBER 28