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DAILY MARKET NEWS DEC 24, 2020

Admin - 28/12/2020

VINIMEX are pleased to update market news on December 24, 2020 as below 

COMMODITY MARKET MOVEMENT ON CBOT – December 23, 2020 

Weather: NOAA: It will be hard to find measurable rain or snow west of the Mississippi River between Thursday and Sunday. Some areas farther east could gather another 0.5" or more of precipitation. 

 

General: Corn and soybean prices trended between 0.75% and 1% higher today. A broad range of other commodities also moved higher today, including livestock, energy and stock prices.     

 

SOYBEAN
USDA’s Export Sales data showed 352,784 MT of soybeans booked on the week ending 12/17. That was below trade estimates and a MY low. Accumulated soybean commitments are 1.99 billion bushels, or 90.4% of the WASDE forecast. For soymeal, USDA reported 223,727 MT booked. That was in line with estimates and up 62.2% yr/yr.  

 

CORN 

The weekly Export Sales report showed 651,102 MT of bookings. That was in line with estimates, but a marketing year low. There were no new crop bookings reported on the week. Total 20/21 commitments are 1.66 bbu, or 62.7% of the USDA forecast. Accumulated 21/22 forward bookings are 29.8 mbu. USDA reported 64,299 MT of sorghum sales on the week ending 12/17, which was the 4th lowest week of the MY. The weekly EIA report showed a 19k bpd increase in weekly production with ethanol plants averaging 976k bpd. Stocks grew another 219k barrels to 23.169 million. Jan ethanol futures were UNCH at $1.325/gallon.        

 

WHEAT 

The USDA Export Sales report showed wheat bookings were on the low end of estimates with 393,686 MT booked. That was down 27% wk/wk and 45% below sales from the same week last year. Accumulated commitments are 736.4k bushels, which is 74% of the USDA full year export forecast. Bangladesh is tendering for 50k MT of optional origin wheat.        

PRICE MOVEMENT ON CBOT DEC 23 



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