Grain Marketing Specialist
Corn: As of 7:45- steady
Very little updated news to talk about this morning… Brazilian harvest estimated to be 17% complete vs last yrs. 15%. Ethanol production reported at 1.016 million bpd down slightly from last week and stocks reported at 22.9 million down from last week’s 23.5. 123,000 mt sold to unknown. Weaker us dollar helping keep US corn competitive despite price appreciation. Corn export sales at 1,970 for 17/18 and 97.5 for 18/19 exceeding expectations of 1,000-1,500.
Soybeans: As of 7:45- steady
The bean market continues to stay firm on SA production fears. NOPA crush expected to be at 165.511 mb. Brazilian harvest estimated at 9% complete compared to a 16% ave. Overhead resistance at contract highs of 10.27 sh8 and 10.24 sx8. Export sales at 640.4 for 17/18 and 197.1 for 18/19 falling within the range of expectations of 450-750.
Wheat: As of 7:45- 3 higher
Scattered rains looks to be all that is in store for the southern plains adding continued fears of a reduced HRW crop, trying to balance very large domestic and global stocks and talk of an increase in HRS acres. Export sales at 311.1 for 17/18 and 110.8 for 18/19 fallingn within the range of expectations of 200-450.