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DAILY MARKET NEWS FEB 23, 2021

Admin - 23/02/2021

 

VINIMEX are pleased to update market news on February 23, 2021 as below 

COMMODITY MARKET MOVEMENT ON CBOT – February 22, 2021 

Weather: NOAA's 8-to-14-day outlook is still predicting warmer-than-normal temperatures for the eastern third of the country. The agency's forecast calls for seasonally dry weather in the Plains and seasonally wet weather for the Corn Belt. 

General: Grain prices move higher Monday. Some contracts up as much as 2%. Soybeans show some upside on reports that Brazil's harvest is off to the slowest start in a decade. Corn prices make some inroads on a round of technical buying. 

 

SOYBEAN
The domestic soy futures complex was mixed but mostly higher on Monday as meal was left out. Soymeal was in the red on Monday, closing $0.70 to $1.20 lower. Dalian soybean futures were up sharply after the Lunar New Year break, but pulled back on Monday closing at 5,799 yuan/MT. Export Inspections data showed 721,845 MT of US soybean shipments for the week ending 2/18. Accumulated soybean shipments are at 50.92 MMT through 2/18. 

 

CORN
Dalian corn futures have been higher since China came back from Lunar New Year break, up 15 yuan/MT since going into the holiday - to 2,831. USDA’s weekly Export Inspections report showed 1.232 MMT of corn exports for the week ending 2/18. That was down from 1.315 MMT LW, but 307,811 MT above the shipments from the same week last year. Mexico was the top destination for the week, with 27% of the total. Accumulated corn exports are 44% ahead of last season’s pace with 23.997 MMT shipped already. That is 36.3% of USDA’s Feb forecast. Milo exports were reported at 124,1010 MT, exclusively to China. Total sorghum shipments for the MY are 3.462 MMT according to weekly data. Mato Grosso in Brazil has 35% of the expected record large second crop corn acreage planted. The average pace for this date would be 58%. Ukrainian corn exports total 13.08 MMT MYTD, overall grain exports trail last year by 20.8%.

WHEAT 

USDA’s weekly Export Inspections data showed 324,597 MT of wheat shipped out on the week ending 2/18. That was down from 419k MT LW and from 437k MT LY. The top destination was China, with 66,795 MT. MYTD wheat exports were reported at 17.759 MMT through Feb 18. Ukrainian wheat exports total 13.31 MMT MYTD, total grain exports trail last year by 20.8%. Japan’s weekly MOA tender is for 57,331 MT of wheat from Australia. Jordan is tendering for 120,000 MT of wheat. Tunisia purchased 100k MT of soft wheat and 92,000 MT of durum from their tender last week.      

PRICE MOVEMENT ON CBOT FEB 22

 

 


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