December 3rd 2015
Grain Marketing Specialist
Speak to your nearest Grain Marketing Specialist about the new Winter Market Base Builder Program, and our New December Corn Moisture Averaging Program.
Export sales out this A.M.
Corn- Down 1 as of 7:45
Corn ended the day lower yesterday with news of ethanol production down to 956k barrels per day and ethanol inventory climbing from 19.6 to 20 million barrels the most since June. Brazilian corn exports were 4.76 million tons, a new record, but aggressive exports along with the wet weather is starting to back up Brazilian ports. Export sales estimates are 500tmt to 1.0 mmt.
Beans- Down 6 as of 7:45
January soybeans closed yesterday up 3, their highest close in five weeks, helped by more noncommercial buying in soybean oil after Monday’s new biodiesel mandate. Much of the reason behind soybeans higher prices the last week can also be contributed to concerns about Brazils weather and relief that Argentinas new government is not likely to dump soybeans on the market in 2016.
Export sales estimates are 750 tmt to 1.0 mmt
Wheat- Minneapolis Up 3 and Kansas City Up 1 as of 7:45
Minneapolis March ended the day yesterday up 1 while Kansas City March wheat ended the day down 3. With the stronger dollar and weak row crop trade adding pressure, our strong dollar does not help
US export competitiveness. Next weeks WASDE report is likely to see another cut in the US export estimate, but may also see a 2mmt reduction in Australias crop estimate. Weather wise winter wheat in the country looks to be in good shape. Export sales estimates are 200 to 500 tmt.