October 5, 2017
Grain Marketing Specialist
CORN – As of 7:45 – up 2
Another slow day yesterday in the corn markets as we continue to see falling numbers on harvest pressure and lack of news to trade. Ethanol production numbers were released, showing an improvement of 14,000 barrels/day. Stocks were pegged at 21.5 million barrels, which is .8 million over last week’s number. Export sales this morning came in at 32 mbu, which beat both last week’s number and the estimated range. Overnight trade found its way into somewhat positive territory on harvest delays, but bulls are still fighting 2.3 billion bushels in stocks! Funds are short an estimated 169,800 contracts…
SOYBEANS – As of 7:45 – up 4
A rebound from a nearly three-week low allowed Nov soybeans to finish yesterday at a 3 cents improvement, and those gains continue in the overnight trade from harvest delays—some areas in the US will be delayed into next week. Harvest is still a bit behind schedule from rains that continue to visit the corn belt. Export sales were right in line with trade guesses at 37.3 mbu. SX7 appears to be following an uptrend—the chart can be found below.
WHEAT – As of 7:45 – Mpls up 7, KC up 2
Large US and world supplies continue to weigh on the wheat markets. US winter wheat planting making progress again as many fields become dry after beneficial rains fell on those major areas. Acres planted this year are expected to be down slightly. Wheat export sales this morning came in at 18.1 mbu—right in line with trade guesses.