January 22, 2016
Grain Marketing Specialist
Corn: As of 7:45: Up 3
After yesterday disappointing close, corn push higher on the overnight gaining support from world equity markets. The bright spot yesterday was the Dec contract which gain 3, which was the highest level in a month. Ethanol has made it way on the political trails the last week or so. Weekly ethanol production came in at 983,000 barrels per day, down 20,000 barrels from last week. Ethanol stocks were 21.94 million barrels, up 595,000.
Soybeans: As of 7:45: Up 6
Soybeans continues to ride the wave up. After a decent close yesterday, the momentum was carried into the overnight session. Estimates for exports sales came in around 700tmt-1.0mmt. China still remains the black hole when it comes to demand. So far in the march contract the 100MA is pegged around 8.81.
Yesterday, wheat has decent gains but seems to be a reluctant follower higher on the overnight. Egypt bot 235,000MT of wheat today: 60,000MT Romanian, 60,000MT French, and 115,000MT Russian. The weekly export sales estimate for wheat is between 200,000 to 400,000MT.