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Admin - 12/01/2021

VINIMEX are pleased to update market news on January 12, 2021 as below 


Weather: Some light moisture is expected for the upper Midwest and Northern Plains between Tuesday and Friday. Large portions of the central U.S. will see no measurable rain or snow during that time. 

General: Corn prices were hit the hardest, dropping nearly 1% today. Most wheat contracts held losses of less than 0.5%, while soybeans slipped about 0.25%. World Agricultural Supply and Demand Estimates (WASDE) will be released tomorrow. 


USDA announced a private export sale of 132k MT of soybeans to China under the daily system. The weekly Export Inspections report showed 65.35 mbu of soybeans were shipped on the week ending 01/07. That was a 1% increase on the week, but shipments were 54% above the same week last year. China was the top destination for the week with 58% of the total. Ahead of USDA’s January reports, analysts surveyed estimate soy production to be reduced to 4.158 bbu on an additional 0.2 bpa yield cut. Ending stocks are expected to tighten further. 


Private exporters sold 108,500 MT of new crop corn to Colombia. USDA’s Export Inspections report showed 44.516 mbu of corn shipped on the week ending 1/7. That was up 3.8% on the week, and 134% above the same week last year. China was the top destination with 43% of the total. The weekly data has accumulated exports at 638.39 mbu through 1/7.  Ahead of Tuesday’s USDA reports, the average trade guess for the 2020/21 corn crop is 14.470 bbu. That would be a 37 mbu cut from the December figure if realized, on a 0.5 bpa yield hit. Surveyed traders expect on average that South American production will be reduced by 3.85 MMT via a 2.26 MMT cut in Brazil and 1.59 MMT from Argentina. Argentina has lifted its corn export ban, replacing it with a 30,000 MT per day export sales restriction.  


Wheat exports were 279,390 MT on the week ending Jan 7. That was down from 475k MT LW and from 652k MT the same week last year. South Korea, Japan, and Philippines were the top destinations on the week. Accumulated wheat exports were reported at 1.2% behind 19/20’s pace with 15.3 MMT shipped. China sold 2.099 MMT of wheat from state reserves last week. The average selling price was 2,365 yuan/MT. The average trade estimate for winter wheat acreage is 31.528 million acres. Analysts surveyed expect USDA to show wheat stocks at 1.696 bbu for Dec 1. Egypt’s GASC issued an international wheat tender, with results expected on Tuesday. 


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