VINIMEX are pleased to update market news on February 26, 2021 as below
COMMODITY MARKET MOVEMENT ON CBOT – February 25, 2021
Weather: NEW: NOAA's new 8-to-14-day outlook expects a return to seasonally wet weather for the Midwest between March 4 and March 10. Most of the eastern Corn Belt will see at least some measurable moisture between Friday and Monday.
General: Grain prices slid back into the red Thursday on a round of technical selling and profit-taking. Wheat contracts suffered the steepest cuts, with some contracts falling nearly 2% lower. Soybean prices saw double-digit losses that erased nearly all of the gains captured on Wednesday.
USDA’s weekly Export Sales report reflected China’s Lunar New Year Holiday, with bean bookings of 167,902 MT on the week ending 2/18. That was the second lowest weekly sale of the MY as China was notably absent due to their holiday week. USDA showed 2020/21 total bean commitments sit at 99% of USDA’s forecasted 2.23 bbu total. Physical shipments are 85% of the forecast. For soymeal sales were reported at 160,176 MT. BO bookings were 4,374 MT.
USDA reported a MY low for the week’s corn export sales. Recall that the President’s Day holiday on Monday, and Lunar New Year Holiday in China were during this reporting week ending 2/18. The report showed 453,281 MT booked. Total commitments sit at 2.323 bbu, or 89.3% of USDA’s forecast for 2020/21 exports. New crop’s forward book was 145,880 MT higher to 1.228 MMT.
Wheat export sales were below the range of estimates at 167,7441 MT for the week ending 2/18. That was the lowest weekly wheat sale since March 26 of 2020. Spring wheat was the top seller on the week with 35% of all wheat sales, HRW was 24% of the total. MYTD white wheat commitments are 1.9% above USDA’s forecast for the season’s exports, physical shipments are 63% of the total through 2/18. Trade estimates ahead of USDA’s weekly Export Sales report are for 250,000 MT to 700,000 MT. New crop bookings are expected to be between 50k and 150k MT. Taiwan issued a tender seeking 100,410 MT of U.S. wheat. The Philippines passed on offers for their 145k MT tender.
PRICE MOVEMENT ON CBOT FEB 25