VINIMEX are pleased to update market news on January 28, 2021 as below
COMMODITY MARKET MOVEMENT ON CBOT – January 27, 2021
Weather: NOAA's 8-to-14-day outlook predicts widespread seasonally wet weather between February 3 and February 9. Missouri will receive the most moisture, with another 1" or more expected.
General: Grain prices turned in a mixed midweek performance today. Wheat suffered a moderate setback after a round of technical selling and profit-taking. However, corn and soybeans clung to small gains today, even after rocketing substantially higher.
USDA reported a 126,500 MT sale of old crop beans to unknown this morning. Private exporters also sold 132,000 MT of new crop soybeans to China. Estimates ahead of the weekly Export Sales report show analysts expecting between 0.8 and 1.4 MMT of bean bookings. New crop sales are estimated between 250k and 550k MT. Soymeal sales are estimated to be between 150,000 MT and 400,000 MT. Pre report estimates show analysts expect USDA to have between 10,000 MT and 30,000 MT of BO bookings. Wire sources note the CNTTL union urged the 800k Brazilian truck driver members to strike next week to protest the minimum freight price there, which they regard as too low to make a living.
USDA reported another large export sale to China this morning, following the 16th largest single day corn purchase announced yesterday. Private exporters sold another 680,000 MT of old crop corn to China. EIA reported ethanol production averaged 933,000 barrels per day in the week ending 1/22. That was down 12k bpd wk/wk and compares to 1.029m bpd the same week last year. Ethanol stocks were down 26k barrels to 23.6 million on 1/22. Ahead of the weekly Export Sales report, analysts are expecting 0.9-1.6 MMT of old crop corn bookings. New crop sales are estimated between 0 and 100k MT.
Ahead of USDA’s weekly Export Sales report, analysts expect between 250,000 MT and 600,000 MT of wheat was booked on the week ending 1/21. For new crop, traders are looking for 0 to 50k MT. Canada’s AAFC forecasted 33.651 MMT of wheat for the 2021-22 crop in their annual preliminary estimate. That is down 4% yr/yr, citing trend yields back down from the 3.51 MT/HA record in 2020/21.
PRICE MOVEMENT ON CBOT JAN 27