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Admin - 27/05/2020

VINIMEX are pleased to update market news on MAY 27 2020 as below.


Weather : Most of the eastern Corn Belt could see another 1” or more total rainfall between Wednesday and Saturday, per the latest 72-hour cumulative precipitation map from NOAA. Areas farther west will be drier for the rest of the week but still could gather some measurable accumulations. Next week, expect much warmer-than-normal temperatures – especially in the Plains – with seasonally dry weather also likely, per NOAA’s latest 8-to-14-day outlook.

General : Grains were mixed but mostly higher Tuesday. Soybeans led the way with double-digit gains, fueled by overall economic optimism and a large sale from China announced this morning. Corn caught some of the spillover weakness. Wheat was mixed but mostly higher following reports of lower production potential in Ukraine and Russia. Japan is looking to buy 4.1 million bushels of food-quality wheat from the United States, Canada and Australia in a regular tender that closes later this week. Of the total, 59% is expected to be sourced from the U.S.




Soybean meal futures were firmly mixed at the close, after falling back from midday gains. Soybean oil futures closed up 63 points on Tuesday. USDA’s mandatory reporting system reported a large export sale of 258,000 MT of soybeans to China. Of that, 60,000 MT were old crop and the remainder was for 2020/21. USDA also reported a large export sale of 216,000 MT of soybean meal to unknown. The weekly Export Inspections update showed 333,127 MT of soybeans were shipped on the week ending May 21. That was down 6% wk/wk and 38% below last year. Accumulated soybean exports for the MY were up to 1.289 bbu, which is still 40% above last year’s pace, but 30.55 behind the 2016/17 MY.




The holiday delayed Crop Progress report from USDA showed corn planting was 88% completed through May 24. The 5-year average is 82%. Corn emergence was also 6 percentage points ahead of average, with 64% emerged. The first corn ratings for the 2020/21 crop were 70% good/ex with a 376 on the Brugler500 index. PA and WI corn had the highest initial ratings on the Brugler500 with 406 and 400 respectively. MI and OH corn ratings were the lowest @ 340 and 346. USDA’s Export Inspections report showed 1.092 MMT of corn were shipped on the week ending May 21. That was down 16,755 MT from the same week last year and down 90,500 MT wk/wk.




KC HRW wheat futures closed 9 to 10 cents lower on the last trade day of the week. MPLS HRS futures closed down by 3 3/4 to 5 cents. The CoT report showed SRW spec traders flipped to net short in the week ending May 19. Managed money was 16,476 contracts net short from 2,982 net long last week. Managed money also flipped net short wk/wk in KC HRW to 15,038 contracts. In MPLS wheat, spec traders were 758 contracts more short to a record bearish position of 25,401 contracts.




                                                                                                                      PRICE MOVEMENT ON CBOT MAY 26

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