VINIMEX are pleased to update market news on December 29, 2020 as below
COMMODITY MARKET MOVEMENT ON CBOT – December 28, 2020
Weather: A snow system in the Central Rockies will build momentum today before pushing into the Eastern half of the U.S. The cross-country storm will likely leave about 1-3 inches of snow in the Northern Plains. Clouds will largely cover most of the Heartland today ahead of tomorrow's storm.
The Argentine strikes which began on December 3 are ongoing, with a new proposal to be considered on Tuesday. An estimated 170 vessels are now backed up waiting to load. USDA’s mandatory reporting system announced three large soy sales this morning. Unknown destinations booked 233,700 MT of old crop beans and 125k MT for new crop. Private exporters also sold 33k MT of soy oil for 20/21 delivery. The weekly Export Inspections report said 1.447 MMT of soybeans were exported on the week ending 12/24. They revised last week’s shipments to the 3rd highest for the MY of 2.81 MMT. CFTC data from 12/21 showed a 9,011 contract increase to bean spec OI. The new sellers outnumbered the new buyers, reducing the net long 1,595 contracts to 188,623. In soymeal, spec traders were 83,385 contracts net long, up 6,178 contracts via net new buying.
USDA announced a 149,572 MT private corn sale to unknown this morning. USDA’s weekly Export Inspections report had corn shipments from the week ending 12/24 at 993,710 MT. That was up from 770k LW and 409k MT from the same week LY. The top destinations were China (35%), Mexico (20%), and Japan (17%). MYTD corn exports were 13.73 MMT, compared to 8.05 MMT shipped through the same point last season. The Holiday delayed CoT report showed short covering and new buying from corn spec traders, extending the net long by 15,453 contracts to 265,713. Commercials also added 30k new shorts, keeping them the most net short since December of 2010.
The weekly data release from CFTC showed CBT spec traders were 6,233 contracts net long on 12/21. That was a 439 contract decrease to the net long from week to week. The Commitment of Traders report had managed money 51,544 contracts net long in HRW on 12/21. That was a decrease of 1,069 contracts via long liquidation. HRS spec funds were net sellers on the week, reducing their position to 2,420 contracts net long. USDA’s weekly Export Inspection report showed 303,809 MT of wheat shipped on the week ending 12/24. That was down from 392k LW and from 312k LY. China sold 484,427 MT of wheat from state reserves last week, about 12% of the total offer. The average selling price was 2,341 yuan/MT. Taiwan issued a tender for 82,325 MT of U.S. wheat.
PRICE MOVEMENT ON CBOT DEC 28