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Admin - 20/01/2021

VINIMEX are pleased to update market news on January 20, 2021 as below 


Weather: Drier weather is in store for the central U.S. between Wednesday and Saturday, NOAA says. The agency's 8-to-14-day outlook predicts seasonally dry weather for the Plains between January 28 and February 1.

General: Soybean prices drop more than 2% on a significant round of technical selling. Corn prices fall more than 1% on yield-friendly forecasts in South America. Wheat prices were mixed after Kansas City HRW and MGEX spring wheat contracts tilted back into the green. 


USDA announced 132,000 MTs of new crop soybeans sold to China under the daily reporting system. Weekly Export Inspections data showed 75.63 mbu of soybeans exported on the week ending 1/14. That was up from 68mbu LW and from 44.4 mbu the same week last year. China was the top destination for the week’s shipments with 62% of the total. Weekly data had the MY accumulated soybean exports at 1.578 bbu. Early Brazilian bean harvest is underway, with 0.4% of the planted area harvested. AgRural said that trails last year’s pace of 1.8%. A slow start to harvest has been expected, due to planting delays back in September and October. Rainfall is much improved for South America, with Brazil better covered this week while Argentina sees little. 


USDA announced private export sales to Japan (128k MT) and Israel (100k MT) this morning, both for 2020/21 delivery. USDA’s weekly Export Inspections report showed 34.517 mbu of corn shipped on the week ending 1/14. That was down on the week but more than double the 15.6 mbu LY. Mexico was the top destination for the exported corn, but Japan and Colombia were also shipped +100k MT each. MYTD corn shipments were reported at 680 mbu through the first 20 weeks. The Export Inspections report showed 159,495 MT of sorghum was exported on the week. Of that, 490 MT was for Japan, and the rest destined for China. Taiwan is tendering for 65k MT of optional origin corn. AgRural reported that 3.4% of Brazil’s first crop corn is picked. That compares to 2.5% harvested at this time last year. 


USDA reported 276,898 MT of wheat exported on the week ending 1/14. That was down from 281,087 MT last week, and was 46% below the same week last year. Indonesia was the top destination on the week, with 107,861 MT. Accumulated wheat exports were up to 15.569 MMT, compared to the 15.986 MMT pace set LY. Japan issued an international tender for 100k MT of optional origin wheat. Algeria is also in the market for 50k MT of wheat. Philippines issued a tender for 100k MT of optional origin feed wheat. EU wheat exports were reported at 13.99 MMT through Jan 17, compared to last season’s 16.73 MMT pace.   



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