September 17, 2015
Grain Marketing Specialist
Export Sales out at 7:30 this morning. (Chart below)
Corn: Down 4
Weekly ethanol production saw an increase of 3,000 barrels/day to 961,000 barrels/day, the highest production for mid September the past five years. Stocks declined from 18,642 thousand barrels to 18,291 thousand barrels. The FSA’s correct numbers showed little change in prevent plant acres with 2.35 mln. The planted acres produced by the FSA were 84.28 mln compared to the USDA’s 88.9 mln in September.
Soybeans: Down 6
The flash sale of 184,000 tons of U.S. beans to China for the 2015/2016 marketing year yesterday morning provided some early strength, but it wasn’t enough to sustain the rally. FSA prevent plant acres on soybeans were pegged at 2.21 mln, which is up about 46,000 from last month’s estimate. FSA’s planted acres are estimated at 80.69 mln, well below USDA’s numbers (see chart below). Chinese president will visit the US next week and is expected to sign a promise to buy 1-3 mmt of US beans; although their crush margins continue to decline.
Wheat: MW down 2; KC down 2
US weather has been quite good for new crop planting, and forecasts are favorable for much of the SRW and HRW areas. FSA’s prevent plant acres went from 692 thousand acres to 695 thousand. Planted acres went from 51.73 to 52.23 mln acres. Strategie Grains has cut the EU wheat crop by 3.5 mln tons to 147.5 mln tons.