Grain Marketing Specialist
Corn: As of 7:45- 3 higher
Yesterday was the second day in a row of positive closes for corn. A weaker dollar index and positive ethanol production helped the cause as we appear to maybe have put in a temporary bottom. Weekly ethanol production increased 25 to 912. Weekly export s sales out this morning at 370 for 14/15, below the expectation of 600-800 and 2.6 for 15/16, which was within the range.
Soybeans: As of 7:45- steady
Soybeans rebounding a bit yesterday and this morning as a weaker $ helped support this market as well. USDA saying more that 32 million birds has been destroyed because of bird flu. Export sales this morning out at 136.6 for 14/15 and 88 for 15/16. The 14/15 was within expectation but 15/16 was a little light.
Wheat: As of 7:45- 7-9 higher
Wheat has rebounded yesterday as this morning following the other commodities. The market trying to balance crop concern talks with an ample US and Global stock situation. 6-10 forecasts call for cooler wetter weather for most of the HRW growing areas. Export sales this morning at 115.4 for 14/15 vs. exceeding expectations of -150 to 50 and 142 for 15/16 vs. expectations of 300-500.