Grain Marketing Specialist
Do you have bushels on the farm that need to be moved? Lacking the personnel or equipment to get it moved into town? Speak to your nearest Grain Marketing Specialist about our “FOB The Farm Program”
Corn Up 1 as of 7:45
Corn closed the day Thursday down 1 ¼ cents in the March futures contract and down 1 ¾ cents in the December contract. USDA report out yesterday reduced US ending corn stocks from 2.355 billion bushels to 2.320 billion bushels, with help from a 25 million bushel increase in ethanol demand. World ending stocks for corn were also reduced from 220.98 to 217.56 mmt. Export sales out early yesterday, put last weeks exports at 38.3 million bushels and 44.3 million bushels a neutral to slightly bullish number.
Beans Up 8 as of 7:45
March soybeans closed the day down 8 ¼ cents Thursday, November beans closed the day down 2 ¼ cents. USDA report yesterday made no changes to the U.S. ending stocks number of 420 million bushels, which was more than expected. Brazillian soybean crop estimate was alos unchanged at 104 mmt but Argentinas estimate was reduced 1.5 mmt to a higher than expected 55.5 mmt. Export sales on beans from last week were reported at 19.7 miilion bushels and 60.3 million bushels.
Wheat Minneapolis Down 1 and Kansas City Unchanged
March Minneapolis Spring wheat led the pack yesterday closing the day up 11 cents. Kansas City Winter Wheat closed the day up 9 ¼ cents. USDA reduced its estimate of 2016-17 U.S. ending wheat stocks from 1.186 bb to 1.139 bb, helped by a 50-mb increase in the wheat export estimate. USDA reduced India and Kazakhastan production by a total 4.5 mmt and also increased Chinese demand by 1 mmt, resulting in a lower estimate of world ending stocks which is now at 248.61 mmt. USDA said early Thursday that last week's export sales and shipments of U.S. wheat totaled 19.4 mb and 22.3 mb.