December 22, 2015
Grain Marketing Specialist
Corn: Steady/ Up ¼
Corn Export Inspections came out yesterday at 28.3 mbu, above trade ideas of 17-22 and versus 22.3 last week. YTD at 337 now trails last year by nearly 100 mbu. China’s ethanol imports in November nearly double from the prior month to 136 MT (~1 million barrels). November US cattle placements drop to a record low, down 11% from a year ago.
Soybeans: Steady/ Up ½
Soybean export inspections at 53.8 mbu; 50.0 last week; 30+ million below last year; 22.5 needed. Trade range was 50-60. YTD of 906 trails 14/15 pace by 120 million with USDA expecting 140 million decline for the year. China confirms November SB imports were 7.39 MMT, up 23% from Nov 14. The US accounted for 4.25 MMT while Brazil sold China almost 3 times what it did last year at 2.14 MMT. Brazil continues to be excessively wet in the South and too dry in the Central and NE. Last week, the Ag Min in Goias lowered bean crop estimate 5.7% to 9.8 MMT.
Wheat: MW Up 1; KC Up 2
Russia’s ag ministry has proposed reducing the wheat export tax. Agritel says Ukraine acres are lowest in 10 years because of the fall drought. Wheat exports above expectations, 17.5 mbu (7-13). Compares to 16.1 last week, 16.3 last year, 16.5/week needed.