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VINIMEX are pleased to update market news on Jun 14 , 2019 as below.

Admin - 14/06/2019

COMMODITY

CODE

LAST

CHANGE

%Change

VOLUME

LOW

HIGH

WHEAT

ZWN19

535.5

+9.25

+1.76%

73,930

524.75

536.5

CORN

ZCN19

442.0

+12.0

75

+2.79%

375,288

429.5

442.75

SOYBEAN

ZSN19

888.0

+10.0

+1.14%

107,445

877.75

888.75

SBM

ZMN19

321.7

+2.2

+0.69%

53,773

319.7

324.5

 

Weather : Another round of rainy weather will arrive in the eastern Corn Belt this weekend, bringing another 1” or more rainfall to large parts of Illinois, Indiana, Michigan and Ohio through Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Temperatures will also be relatively mild for the next several days, with daytime highs expected to be below normal for much of the central U.S. at least into early next week.

General : Corn prices added more than 2% Thursday, with soybeans up around 1% and most wheat contracts up around 1.5% today. Concerns continue to build over this year’s late-planted U.S. crops – enough so that traders mostly shrugged off a round of mediocre export data from USDA this morning.Wheat’s marketing year rolled over June 1, landing a small net increase last week after export sales of nearly 12.0 million bushels to Japan, Mexico, Taiwan, Iraq and Vietnam were largely offset by reductions from unknown destinations, the Philippines and South Korea. The trade expected USDA to report wheat sales totaling between 7.3 million and 18.4 million bushels.

SOYBEAN

Soymeal was up $2.20/ton, with bean oil 46 points higher. The weekly Export Sales report from USDA showed old crop soybean bookings near trade estimates at 255,929 MT during the week of June 6. Egypt bought 110,000 MT. New crop sales were on the high side of estimates at 275,163 MT. Chinese buyers have a total of 6.342 MMT of unshipped soybeans on the books, with a Reuters report showing that some are seeking to delay cargoes from July to August. Meal export sales totaled 153,967 MT this morning, with soy oil sales at 5,136 MT.

 

CORN

 

The spreads from nearby old crop contracts to deferred new crop contracts are narrowing, insinuating “we want your corn now!”. A private export sale of 175,000 MT of 19/20 corn to Mexico was reported through the USDA’s large sale daily reporting system this morning. USDA shows that US exporters sold 168,503 MT of old crop corn in the week that ended on June 6. That was better than last week’s net reductions but down 82% from last year. A much larger South American crop yr/yr and rising US FOB prices are a main reason for that lack of sales. New crop sales totaled 94,107 MT. Analysts with Ukraine’s ProAgro estimate the country’s corn crop will hit 32.6 MMT, up 1.4 MMT from their prior number.

 

WHEAT

 

The SRW-HRW spread continues to widen, with a 67 1/4 cent premium to SRW. The KC wheat-corn spread is now at 26 1/4 cents, the narrowest since June 2016. As expected, USDA showed net reductions of 23,194 MT for old crop wheat export sales in the final day of the 18/019 MY. Accumulated exports totaled 24.231 MMT (excluding Census adjustments), with a total of 1.587 MMT of unshipped sales carried over to 19/20. In the first 6 days of 19/20, sales totaled 47,600 MT. The EU wheat production estimate from Strategie Grains was cut by 1.1 MMT to 142.8 MMT.


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