VINIMEX are pleased to update market news on January 05, 2021 as below
COMMODITY MARKET MOVEMENT ON CBOT – January 04, 2021
Weather: Some areas could see another 0.75" or more of precipitation between tomorrow and Friday. NOAA's 8-to-14-day outlook predicts seasonally warm weather for the northern third of the country between January 11 and 17.
General: Soybeans tested major gains overnight, but that upside mostly evaporated as Monday's session wore on. Corn prices wobbled but also finished with small gains on some light technical buying. Wheat prices finished today’s session with slightly mixed results on some uneven technical maneuvering.
USDA’s weekly Export Inspections report showed 1.306 MMT of soybeans shipped on the week ending 12/31. Accumulated bean exports were reported at 1.416 bbu through 12/31. The USDA Fats & Oils report showed 191 mbu of soybeans were processed in November. CFTC data showed managed money had extended their net long by 7,864 contracts as of 12/29, to 196,487 contracts. In soymeal, managed money was 6,102 contracts more net long to 89,487 contracts. Stone X lowered their Brazilian soybean estimate by 1.26 MMT to 132.64 MMT. Brazil reported soybean exports at 274,082 MT for December. Argentina announced that it will raise the soymeal export tariff from 27% to 30% for 2021.
From the weekly Export Inspections report, USDA reported 35.94 mbu of corn shipped on the week ending 12/31. Mexico was the top destination with 292k MT, but China also had 282k MT. December corn exports from Brazil totaled 5.006 MMT, which was up from 4.164 MMT in Dec ’19. USDA reported 431.661 mbu of corn was used for November ethanol production. That was down from 434.167 mbu in October, and down 5.5% yr/yr.
USDA’s Export Inspections report showed 324,983 MT of wheat was shipped on the week ending 12/31. China was the top destination. Accumulated wheat exports were at 14.86 MMT, or 546 mbu through 12/31. That is 1.74 mbu behind last year’s pace using the weekly data.
PRICE MOVEMENT ON CBOT JAN 04