November 15, 2013
Producer Marketing Manager
Informa Economics is out with acreage estimates this morning.
CORN: As of 7:45 – Steady
Ethanol production levels were stronger again in yesterday’s EIA release by 25,000 barrels/day. This is the highest run rate we have seen in nearly 2 years. Export sales out this morning showed a strong 47.4 million bushels, above trade estimates of 31-39. Will the EPA announce 2014 RFS levels today??
SOYBEANS: As of 7:45 – DN 6
Lower close yesterday for the first time in 7 sessions. We continue to face some solid resistance above the $13.20 mark on the Jan contract. Export sales out this morning were slightly lower than expected at 31.2 million bushels (trade expecting 33-44).
WHEAT: As of 7:45 – MPLS UP 2, KC Steady
Egypt bought Romanian wheat and French wheat yesterday for Dec 1-15 shipment. This is their first purchase of French supplies in nearly a year, and traders are expecting additional shipments of EU wheat into North Africa if price relationships remain at current levels. US supplies are not price competitive into Egypt and will therefore continue to seek demand from Mexico and South America. Total wheat sales released this morning were at 10.6 million bushels which was lower than the 13-20 estimated.