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DAILY MARKET NEWS FEB 24, 2021

Admin - 24/02/2021

VINIMEX are pleased to update market news on February 24, 2021 as below 

COMMODITY MARKET MOVEMENT ON CBOT – February 23, 2021 

Weather: NOAA's 8-to-14-day outlook predicts warmer-than-normal conditions in the central U.S. between March 2 and March 8. Seasonally wet weather is expected to return to the Corn Belt between March 4 and 8. 

General: Soybeans make double-digit gains. Corn tracks about 0.5% higher thanks to spillover strength. Wheat prices were mixed but mostly lower in an uneven round of technical maneuvering. 

 

SOYBEAN
Brazil’s AgRural reported 15% of the soy crop has been harvested through Feb 18. That compares to 31% at the same point last MY, and AgRural reported this is the slowest harvest pace in 10 years. Reports on the wire suggest Ukraine is considering soybean imports from Brazil in response to domestic shortage. If it unfolds that would be the second time this MY where a large global exporter brought in beans from the global market, the first being Brazil from U.S. in January. The February average price for November futures is $11.78 per bushel with 3 calculation days remaining. 

 

CORN
Nearby old crop contracts held on to gains and ended the session 1 to 2 3/4 cents higher. New crop futures gave back the midday gains and ended fractionally lower to UNCH on the day. The national average corn basis from cmdtyView is 20 cents under March. New crop basis is 29 3/4 cents under Dec. The new crop soy/corn ratio is 2.6, but 2.655 after basis considerations. Recall USDA sees more of the returning prevented planting (PP) acres going to soybeans in the preliminary acreage estimates. Brazilian second crop corn planting is now estimated to be 23% completed, vs. 51% last year at this time. The February average price for December futures (used for crop revenue insurance) is $4.56 with three calculation days remaining.

WHEAT 

Chicago SRW wheat futures rallied off the midday lows, and were fractionally mixed to a penny and three quarters higher at the close. HRW prices also found afternoon strength, but not enough to overcome earlier weakness, ending the session 3 1/2 to 4 cents in the red. Winter wheat ratings in KS were 40% good/ex as of Feb 21. That was down from 43% in the last report, but above 35% at the same point last year. Cumulative EU wheat exports were reported at 16.59 MMT. That is down from 20.34 MMT at this point LY. Japan’s weekly MOA tender is for 57,331 MT of wheat from Australia. Jordan is tendering for 120,000 MT.      

PRICE MOVEMENT ON CBOT FEB 23 


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