February 3, 2015
Assistant Grain Merchandiser
Corn as of 7:45-up 5
Export inspections came out yesterday below the trade estimate (29.5-35.4) at 26.1 million bushels. Brazil confirms they are moving to a 27% ethanol blend in their motor fuel starting mid-Feb. Extended weather forecast looks ideal for corn maturity in South America.
Soybeans as of 7:45-up 11
Bean exports were above the estimate (42.3-47.8) at 62.4 million bushels and China took 73% of that. South Africa farmers are planting the biggest bean area on record, 23% higher this season (1.53 million acres), as demand for soy products rises.
Wheat as of 7:45-MW-up 6, KC up 7
Export numbers for wheat was 14.5 million bushels yesterday, towards the higher end of estimates. However worldwide the US is still out of the market, and the strength of the dollar isn’t helping. Russian Ag Minister is claiming 18% of the wheat crop is in poor condition.