June 3, 2016
Grain Marketing Specialist
Corn: 2 higher
Lack luster trade in corn yesterday despite the rally in soybeans. Ethanol production numbers came in at 20.8 million barrels. That number was the same as last week, but 700,000 barrels more than this time last year. Ethanol production was up 1.4% for the week. US weather forecasts are favorable for corn. Export sales, out today, showed 57 million bushels. We are 1% behind on total sales versus this time last year. We have moved out of corns sideways trend as we continue to reach highs not seen since October of last year. Until proven otherwise a large US crop can still happen. Take advantage of this price rally. A $3.50 new crop sale is so very close. Make sure you have your targets in place!
Soybean: July 18 higher. November 8 higher.
July soybeans jumping to highs not seen in the last two years. Soymeal demand continues to be the leader. Export sales, reported, were at 38.4 million bushels. We are 5% lower for total year sales versus this time last year. Keep making sales.
Wheat: 2 – 3 higher
Wheat also showing some gains mostly led by Texas flooding and the soybean rally. Some concerns over Texas wheat, but for the most part the US wheat situation is looking good, and so is wheat production across this great world of ours. Export sales at 18.1 million bushels. Total sales to date are 14% behind from what they were a year ago. Wheat continues its lack luster trade.