GAP State-of-Play for week ending Jan. 15, 2021
GAP State-of-Play — week ending Jan. 15, 2021
Welcome to this week’s snapshot of the global grains and oilseeds industry. For the full report, click link at the end.
- Markets open at 7 p.m. CST today — Monday, 18 January.
- Managed money continues to liquidate/sell off soybean long vs. another big jump in corn long /open interest.
- Palm oil starts this week with a slight bounce after being clobbered LW (FH Jan Malaysia palm oil exports down 42% vs. FH Dec).
- Dalian soy complex starts this week lower.
- USDA reports — all pushed back one day with exports for the week ending 14 January out Tuesday @ 10 a.m. CST.
- Good rains/conditions across majority of Brazil + Argentina (only 10% of entire area called “stressed”).
- Widespread rains across Brazil over the weekend — more rain event/potential dialed in for Argentina in the 6-15 day (dry threat largely absent now for the corn + soy areas).
- Argentina farmer starting to pick up sales there — soymeal premiums sharply lower on Friday (down $5-7/MT and now $10/MT discount to U.S.) as crush margins look much better vs. 30 days ago at +40 vs. single digits.
- Market focused on Brazil truck strike risk/threat 1 February — this as harvest is really starting to pick up while its export line-up now over 3MMT.
- China picks up additional LH Oct/Nov U.S. ownership and private crushers booking May ex — both Argentina & Brazil…fairly active week for China LW on booking cargoes.
To read the full GAP State-of-Play for the week ending Jan. 15, 2021, click here.
To send a question to the author, or to learn more about this topic, click here.
For assistance with brokerage or hedging services, please click here.
Disclosure: The risk of loss in trading futures and/or options is substantial. Past performance is not indicative of future results. The information in this message derived from third-party sources is believed to be accurate and reliable; Coquest does not guarantee the accuracy or completeness of the information. Opinions expressed in this material are subject to change without notice. This report should not be interpreted as a request to engage in any transaction of futures, options, and/or OTC derivatives. The information contained in this material is not to be relied upon in substitution for the exercise of your independent judgment. Seek independent financial, tax, legal, and accounting advice from your own professional advisers, based upon your particular circumstances.Back