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DAILY MARKET NEWS FEB 03, 2021

Admin - 03/02/2021

VINIMEX are pleased to update market news on February 03, 2021 as below 

COMMODITY MARKET MOVEMENT ON CBOT – February 02, 2021 

Weather: Most parts of the Midwest and Plains are likely to see at least trace amounts of rain or snow between Wednesday and Saturday. NOAA's 8-to-14-day outlook predicts widespread cooler-than-normal conditions between February 9 and February 15. 

General: Corn prices fell more than 1%, even after another large flash sale was announced this morning. Soybeans sagged around 0.8% lower, and most wheat contracts were also down nearly 1%. 

 

SOYBEAN
New crop beans closed down 2 1/4 to 4 1/4 cents. November contracts closed at a $2.04/bu discount to nearby, with an additional 10 1/2 cent weaker basis (cmdtyView) of 54 cents under. The new crop soy/corn ratio was 2.574. Meal futures are down $1.80 to $3.40/ton so far. Dalian soybeans closed the first trade day of Feb at 5,665 yuan/MT (~ $23.88/bu). New crop beans in China closed at a ~ $1.36/bu inverse to nearby. South Korea is tendering for 60k MT of soymeal. Brazilian soybean exports were reported at only 49,498 MT in January. That was down from 1.4 MMT LY. 

 

CORN
New crop futures were fractionally weaker, and at the close the discount to December was 96 cents. The national average new crop basis from cmdtyView was 30.4 cents under December compared to minus 21.1 cents for spot. Corn prices on the Dalian exchange were 2,735 yuan/MT (~ $10.76/bu) on 2/1. They had been over $11 in January. USDA announced a private export sale of 115,000 MT of old crop corn to Mexico. South Korea purchased 60,000 MT of optional origin corn via international tender. Brazil’s official export data showed 2.55 MMT of corn were shipped in Jan. That was 450k MT above Jan’s shipments in 2020. 

 

WHEAT 

Egypt’s GASC purchased 480k MT of wheat from their international tender. That included 120,000 MT from Russia, 240k MT from France, and 60k each from Romania and Ukraine. Total wheat shipments from EU to non EU members reached 14.99 MMT for the MY through Jan. Ukraine’s Economic Ministry reported 74% of Ukraine’s MY wheat export quota (of 17.5 MMT) has been filled through Feb 1.    

PRICE MOVEMENT ON CBOT FEB 02 


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