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DAILY MARKET NEWS MAR 02, 2021

Admin - 02/03/2021

VINIMEX are pleased to update market news on March 02, 2021 as below 

COMMODITY MARKET MOVEMENT ON CBOT – March 01, 2021 

Weather: NOAA: There will be almost no measurable rain or snow anywhere in the Midwest and Plains between Tuesday and Friday. The agency's 8-to-14-day outlook calls for a return to seasonally wet weather for much of the central U.S. 

General: The latest grain rally took a pause again on Monday on a round of technical selling and profit-taking. Expectations for record-breaking harvests in South America and record plantings in the U.S. applied ample downward pressure. 

 

SOYBEAN
USDA’s Export Inspections report showed 879,582 MT of beans shipped on the week ending 2/25. That was up from 805k LW and 50% higher yr/yr. China was the top destination for the week with 38% of the total. Marketing YTD bean exports are 51.88 MMT (1.906 bbu) through Feb 25.  

 

CORN
The monthly Grain Crush report showed 415.8 mbu of corn used for ethanol production in Jan. That was 3.7% below December’s use and was 11.43% below Jan 2020. DDGS production in January was 1.75m tons, down from 1.79 in December. USDA’s Export Inspections report showed 1.637 MMT of corn shipped in the week ending 2/25. That was up from 1.267 MMT last week and remains 83% ahead of the same week last year. Japan was the top destination with 21.5% of the total, China was the second largest destination with 21.2% of the total. Ag Rural noted that Brazil’s second corn crop planting progressed 15% on the week to 39%. That trails the 67% average pace. Mato Grosso (Brazil) second crop corn planting is estimated to be 55% of record intended acreage. The average pace would be 92% for this date.

WHEAT 

Wheat export data from USDA’s Export Inspections report confirmed 272,820 MT of wheat were shipped on the week ending 2/25. That was down 16% wk/wk and 58% below shipments from the same week last year. HRS and white wheat again led the shipping program with 95k TM and 80.6k MT respectively. HRS exports sit at 66% of the USDA Feb forecast, and white wheat shipments are 65% using weekly data. China sold 1.682 MMT of wheat in last week’s state reserves auction. That was about 42% of the offer, for an average price of 2,374 yuan/MT (just under $10/bu).      

PRICE MOVEMENT ON CBOT MAR 01 


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