February 5, 2015
Assistant Grain Merchandiser
The CME announced yesterday that it will be closing almost all of its open-outcry pits by July 2nd.
Corn as of 7:45- up 2
Ethanol production was down to 948 thousand barrels/day from 978 the previous week, but stocks were up at 20,986 thousand barrels from 20,631 the previous week. Stocks are the highest they’ve been since 2012. Export sales estimated between 31.5 - 39.4 mil bu, came out at 33.3. Trade estimates for the upcoming Feb S&D report (10th) are expecting little change in the numbers from USDA.
Soybeans as of 7:45- up 5
Crude oil was down over $4 a barrel and the dollar was stronger, pressuring grain. Rains forecast for Southern Brazil, Paraguay and Argentina helped pressure soybeans as favorable rains will ease dry weather which occurred in parts of the region. Funds sold 9,000 contracts yesterday. Export sales estimated between 7.3 - 18.4 mil bu, came out at 18.0.
Wheat as of 7:45- MW- up 7, KC- up 5
Funds sold 2000 contracts of wheat yesterday. Stats Canada released its wheat stocks; all wheat was 24.8 MMT below expectations of 25 MMT and below last year’s 28.7 MMT. Export sales estimated 11.0 - 18.4 mil bu, came out at 14.6.