Grain Marketing Specialist
May 29, 2015
Corn: up 2
Export sales out this morning were in line with the estimates at 25.8 million bushels (see chart above). The EIA report that came out yesterday was favorable for corn. Production was higher this week at 969 thousand barrels (11,000 more than last week) but stocks were 337 thousand barrels lower at 20.097 million barrels. Weather continues to look favorable after this week of rain.
Exports on beans were slightly above the estimates at 11.8 million bushels. South American port problems continue with an estimated 31 vessels reported to be delayed. Nov futures made a contract low yesterday at $8.98 ¼, last year the contract settled at $12.08. Trade anxiously awaiting likely EPA announcement by this afternoon on biofuel mandates. Brazilian currency has been weaker last few trading sessions, and producers there have been active sellers.
Wheat: MW down 1, KC down 2
“Rain makes grain” Weather had been good for most of the Midwest, despite some wet spots in the far south. Interesting to see India forecasted to have the smallest wheat harvest in seven years. Some estimating an Indian crop near 80 mmt, some 10 mmt above current USDA forecast and nearly 16 mmt below a year ago.