August 19, 2016
Grain Marketing Specialist
Pro Farmer crop tour begins on Monday
Corn: Down 1
USDA announced sales of 101,600 metric tons of corn yesterday for delivery to unknown destinations during the 16/17 marketing year. Export sales for old crop at 6.6 fell short of the 10-18 mbu trade range. New crop sales of 41 million were near the upper end of the 31-43 mbu range. Argentina is expected to expand their corn production from 3.6 million hectares to 4.5 million.
Soybeans: Down 12
Old crop export sales of 6.5 were towards the lower end of the 4-11 mbu trade range. New crop sales totaled 58.7 million, versus 55-66 expected. Weather looks to be cool and wet for the 6 to 10-day forecast for most of the corn belt.
Wheat: MW unchanged; KC Down 2
Export sales on wheat were within the range of 15-22 mbu at 18.0. Crude oil traded above $48 for the first time in 6 weeks helping grains stay firm. Have seen some improvements on this week’s drought monitor compared to last week.