September 16, 2015
Grain Marketing Specialist
Early -morning FSA acreage data release, for some reason; it wound up being an incorrect publication
Corn: Down 1
CZ ran into resistance at 3.95 yesterday and unable to see $4.00. Silage choppers go and reports of more combines in the southern and ECB, yields are all over the board. Ethanol margins are around 8 cents per gallon down from 20 cents last week and well below last year’s 76 cents. EIA report out at 9:30 AM.
Two-sided overnight trade as SX runs into resistance at 8.92. August NOPA crush was 135.3 mb, in line with expectations down nearly 10mb from July, but still above the 5 year average (chart below). Harvest weather still looks to be ideal; government will release harvested progress number next week.
Wheat: MW down 1; KC down 1
Russian wheat exports said to be delaying shipments while government debates reducing the export tax. US and world supplies remain more than plentiful. US values remain at a premium to other global competitors. Rainfall later this week in the southern plains should improve topsoil moisture for wheat planting.