VINIMEX are pleased to update market news on December 22, 2020 as below
COMMODITY MARKET MOVEMENT ON CBOT – December 21, 2020
General: Grains finished Monday's session in the green, anchored by gains of nearly 2% for soybeans. Prices rocketed ahead on fresh reports of dry weather and a worker's strike in Argentina that is stalling grain exports.
USDA’s weekly Export Inspections report showed 2.533 MMT (93.07 mbu) of soybeans shipped on the week ending 12/17. That was up 3% wk/wk, and the 12th consecutive >2 MMT week of shipments. China was the top destination for the week’s exports with 58% of the total. Citing globally high prices, Russia’s Economy Ministry will impose a 30% export tariff on soybean shipments from Feb 1 to June 30 of 2021. Over the last 5 years, Russia has averaged 1.1% of global bean production and 0.5% of global bean trade. USDA forecasted just 800k MT of soybean exports sourced from Russia for 2020/21 in the December forecast.
Corn shipments from USDA’s weekly Export Inspections report were 762,937 MT (30.036 mbu). That was down 17% wk/wk, but still 90% above the same week last year. China was the top destination with 271,922 MT shipped. Japan was also the destination for 219,086 MT. Accumulated exports through 12/17 were reported at 501.28 mbu, which is 66.6% ahead of last year’s pace. The week’s sorghum shipments were 134,978 MT. Madagascar was shipped 3,576 MT, and 147 MT were sent to Canada; the remainder was to China.
USDA’s weekly Export Inspections report showed 391,219 MT of wheat were shipped on the week ending 12/17. That was up from 263k LW, but below the same week last year. Accumulated wheat exports are now running behind last year’s pace by 0.3% with 14.127 MMT shipped MYTD. Last week, China auctioned 591,161 MT of wheat from state reserves. The average selling price was 2,342 yuan/MT (~ $9.69/bu), but nearly 3.5 MMT went unsold.
PRICE MOVEMENT ON CBOT DEC 21