Grain Marketing Specialist
Corn: As of 7:45- 1 lower
The corn market continues to put lows in on give up sales, yield estimate increase and fund selling. Ethanol production reported at 1,042,000 barrels/day, down for the week but up 1.9% from last yr. South Korea purchased 60,000 of option origin corn. Weekly export sales at 188.4 for 16/17 vs. 0-200tmt expected and 804.2 for17/18 vs. 400-700tmt expected. Technically the path of least resistance looks lower for now as we search for support.
Soybeans: As of 7:45-1 higher
Light news day yesterday as the report of 131,000 mt sold to China for 17/18 was seen as routine business. We continue to let the calendar go by as we debate yield estimates with very little weather threats. Weekly export sales at 123.2 for 16/17 ( many looking for net cancellations) and 1560 for 17/18.
Wheat: As of 7:45- spring 8 lower, winter 1 higher
Spring wheat harvest pushes forward covering the remaining 25% left to cut, expected to wrapped up by the end of the week. Yields reports remain variable to better than expected with what looks to be a direct correlation to protein levels. Where yields are good the protein is light and vice/versa. MW/KW spread coming in a bit from massive premiums as spring wheat harvest wraps up. Export sales at 536 for 16/17 and 30 for 18/19 vs. estimates of 300-600tmt.