August 27th, 2015
Grain Marketing Specialist
Markets are trying to hold highs in the overnight as Chinese government starts to purchase shares in its own stock market. Export numbers this morning are neutral to bearish.
Corn: 1 higher
Export numbers this morning showed a reduction of 5.2 million bushels of old crop, while 38.8 million bushels were sold in the new crop. Total sales for the year are at 1.86 billion bushels. This is above the UDSA’s predictions of 1.85 billion bushels. Weekly shipments were at 32.3 million bushels. This number is below the needed 72.5 million bushels to be in line with USDA predictions. Weekly ethanol numbers also took a hit yesterday, but are still on track to beat USDA corn usage by 10 million bushels. Weather is to turn wet and warm as we move into September.
Soybeans: 13 higher
Soybeans export numbers this morning showed a reduction of 4.8 million bushels in old crop sales, while 53.6 million bushels were sold in the new crop. Total sales for the year are at 1.86 billion bushels. This number is above the USDA’s predictions of 1.825 billion bushels. Weekly shipments were at 8.5 million bushels. This number was above the 8 million bushels needed according to USDA.
Weekly export sales were at 19.4 million bushels. This was above the 14.3 needed to keep on pace with USDA predictions. Weekly shipments were at 13.million bushels. This was below the 19 million needed to keep pace with USDA projections.