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DAILY MARKET NEWS FEB 17, 2021

Admin - 18/02/2021

VINIMEX are pleased to update market news on February 18, 2021 as below 

COMMODITY MARKET MOVEMENT ON CBOT – February 17, 2021 

Weather: Don't expect a lot of additional moisture for the Midwest and Plains between Thursday and Sunday. NOAA predicts seasonally warm weather will finally find its way to the central U.S. between February 24 and March 2. Wetter-than-normal conditions are likely for the Northern Plains, upper Midwest and eastern Corn Belt. 

General: A double-digit drop in winter wheat prices today erased a good chunk of yesterday's gains. Soybeans and corn fought through a choppy session with mixed results. Traders await confirmation on the amount of winterkill damage from this month's frigid weather. 

 

SOYBEAN
Bulk freight costs reported by U.S. Grains Council show shipping costs continue climbing, up 50 cents to $2.25/MT on the week. Specifically, Gulf to China rates were @ $48/MT and PNW to China was up to $25.75/MT for the week ending 2/11. U.S. Grains Council reported grain shipping rates from Brazil to China were $38-$39/MT for the week ending Feb 11. Soybean FOB prices, before the shipping rates, were quoted at $539/MT from the US (Gulf) and $511/MT from Brazil (Paranagua). The month to date average price for November soybean futures is $11.70.  

 

CORN
March futures’ options expire on Friday. EIA ethanol production data is delayed until Thursday due to the President’s Day holiday. The national cash corn price from cmdtyView was $5.32 1/2 on Wednesday. U.S. Grains Council reported Gulf FOB prices for ethanol were 2.5% higher on the week ending 2/17 to $1.795/gal. Port Santos in Brazil had FOB prices up by more on the week to $1.932/gal. South Korea purchased 69,000 MT of optional origin corn. The February monthly average price for December corn futures (crop revenue insurance) is $4.53 through today.

WHEAT 

The national average cash wheat (SRW) price from cmdtyView was $6.18 3/4 per bu on Wednesday, down from $6.32 yesterday. Cold concerns in Europe led Paris milling wheat futures higher yesterday, but Strategie Grains maintained their yield forecasts citing sufficient snow cover. The French Farm Ministry estimates 4.86m HA (12 million ac) of harvested area. The Philippines issued an international wheat tender for 145,000 MT. Syria is tendering for 200k MT of wheat. Japan’s MOA is seeking 82,393 MT of wheat in their weekly tender.      

PRICE MOVEMENT ON CBOT FEB 17


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