Soy product supplies out of Argentina continue to be disrupted by strikes. USDA’s Export Sales report showed soybean bookings for the week ending 12/10 were above the range of estimates as 922,266 MT were sold. China was the top purchaser on the week, with 202k MT of new sales and 717k MT switched form unknown. China’s accumulated commitments account for 58% of the record 58.8 MMT commitments for the year to date. Soymeal sales were reported at 261k MT with about half by way of a previously known sale to Philippines. BAGE reported Argentina is 81.1% planted for the first soybean crop, the national total was 6.2 ppts behind average at 67.8% planted. They also reported 1.6% of beans were blooming, compared to the 12.5% average.
Corn export bookings were above expectations with 1.924 MMT sold in the week ending 12/10. That was the 4th largest weekly sale for the MY and was 12.6% higher yr/yr. Of that total, 601,513 MT for Mexico were previously known via daily announcements. Mexico and China were the top purchasers on the week, with Japan and Taiwan also buying +100k MT. Japan also booked 10,033 MT of corn for 2020/21. BAGE reported national corn planting in Argentina was 55.4% completed, down from the 5-yr average of 61.2%. They indicated 4.8% of the crop was silking, which is below the 15% average.
The weekly Export Sales report showed 540,351 MT of wheat bookings on the week ending 12/10. That was down 12% wk/wk and 38% lower than the same week last year. With just 238k MT of shipments, weekly data suggest accumulated exports now trail last year by 1%. The weekly update also showed Peru booked 21k MT of wheat for 2021/22 delivery. Buenos Aires Grain Exchange reported Argentine wheat harvest is 66.4% complete, trailing last year by 11.1 percent points but leading the 5-yr average by 0.9 percent points. Russian officials formally instituted a 25 euro/tonne wheat export tax for shipments between Feb 15 and June 30.
PRICE MOVEMENT ON CBOT DEC 17