Grain Marketing Specialist
July 23, 2015
Weekly Export Sales out this morning.
Weather is more favorable for crop development. Weekly ethanol production was down 11,000 barrels per day vs. last week but up 1.4% vs. last year. Stocks down slightly to 19.56 million barrels. Funds sold an additional 11,000 contracts yesterday. Net export sales of 223,400 MT for delivery in 2014/2015, a marketing-year low, were down 33 percent from the previous week and 54 percent from the prior 4 week average.
Soybeans: Up 2
USDA announced yesterday 120 tmt of new crop beans sold to China. Export sales out this morning were at 8.9 million bushels; below the estimate of 11-20 million. Despite the bird flu, broiler placements are up 3% in the US over the same week last year. Funds sold 6,000 contracts yesterday.
Wheat: MW up 5, KC up 6
US values still well out of competitive levels for export although the US dollar is weaker this morning helping values. Canadian wheat tour ongoing with some better than expected yields, but conditions are all over the board. Net export sales of 502,800 metric tons for delivery in marketing year 2015/2016 were up 73 percent from the previous week.