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Admin - 02/02/2021

VINIMEX are pleased to update market news on February 2, 2021 as below 


Weather: Most of the Midwest and Plains will see at least trace amounts of rain and snow between Tuesday and Friday. Few areas will see much more than 0.25" during this time, NOAA's latest 72-hour cumulative precipitation map says. 

General: Corn and soybean prices came into Monday's session with moderate overnight gains. Prices tumbled this morning as traders wrestled with the possibility of bin-busting production in South America. Wheat futures saw double-digit cuts, meantime, after a round of technical selling. 


USDA announced a large meal sale for 133,000 MT to the Philippines this morning. USDA reported 193.75 mbu of beans were processed in December. Behind October, that was the second largest monthly crush on record. MYTD soy crush was 752.4 mbu through the first four months. Monthly crush then would need to average 181 mbu to hit WASDE’s 2.2 bbu Jan forecast. USDA’s weekly Export Inspections report said 65.86 mbu of beans were shipped on the week ending 01/28. That was up 14.3 mbu from the same week in 19/20. Accumulated bean exports through the 28th were 1.736 billion bushels via the weekly data. That is 77.3% above last year’s pace. Egypt is on the market for 30,000 MT of soy oil. South Korea is tendering for 60k MT of soymeal. 


USDA flashed two new large export sales this morning, saying Mexico purchased 125,730 MT of old crop and Japanese importers purchased 110k MT. USDA’s weekly Export Inspections report showed 43.49 mbu of corn shipped on the week ending 01/28. That was nearly double the same week last year, and extended the MYTD lead from 19/20 to 84% with 782 mbu. USDA’s monthly Grain Crushings report showed 430.44 mbu of corn was used for ethanol in December. That was below November’s use and down 10.2% from December 2019. December DDGS production was a 4 month low of 1.784m tons.



USDA’s weekly Export Inspections report had 396,873 MT of wheat exports on the week ending 1/28. That was down 30% on the week and 9% below the same week last year. The top destination was South Korea with 73,392 MT. China sold 2.187 MMT of wheat from state reserves LW. That was 54% of the reported offer, for an average selling price of 2,373 yuan /MT (~$9.99/bu). Sovecon raised their 2020/21 Russian wheat export projection 1.6 MMT to 37.9 MMT. The consultancy cited active shipping ahead of the higher tax rate beginning March 1. Egypt’s GASC is tendering for wheat.   


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