Grain Marketing Specialist
Corn: As of 7:45- steady
Dec corn seems to just want to live around the 3.50 mark. Early gains yesterday faded as fund activity gave way to harvest pressure. Ethanol production reported an increase of 20k to 1039k / day while ethanol stocks dropped .5 to 21. Harvest weather looks generally favorable for the next 5 days. Weekly export sales this morning reported at 1,290 for 17/18 and 96.8 for 18/19 exceeding expectations of 800 to 1,200 and last week of 1,254.
Soybeans: As of 7:45-1 higher
Early gains for soybeans diminished as the session went on yesterday as well. Harvest pressure and a more favorable SA weather forecast noted as the culprit. Planting moving forward for SA as 6-10 forecast looks to bring precip to the needed areas. Export sales this morning at a large 2,130 vs. 1,200 – 1,600 expected and 1.275 last week. Mild trade overnight, just slightly higher.
Wheat: As of 7:45-steady
Relatively small range yesterday as we bounce around contract lows. No clear direction from my momentum indicators as ample stocks planting pace keep a lid on things and Australian production seems to have put a floor here. Export sales this morning at 360.6 for 17/18 and 30 for 18/19 on the lower end of expectations of 300-500.