December 19, 2013
Producer Marketing Manager
CORN: As of 7:45 – UP 1
Informa released their 2014 acreage estimate today pegging corn acreage at 91.85 mln, slightly higher than the 91.5 Nov estimate, which if actually happens would be down 3.5 mln acres from last year. Ethanol run rates were a little lower this week. Export sales out this morning were good at 32.6 million bushels, just above the average guesses of 22-30.
SOYBEANS: As of 7:45 – DN 7
Informas bean acreage estimate yesterday showed a reduction in bean acres by 1.89 mln acres from their Nov estimate to 83.8 mln acres. The market then ran into some technical selling and closed 22 lower on the day after it was not able to trade thru Tuesday’s highs of $13.535 on the Jan contract (see below). Export sales were lackluster at 15.3 million bushels this week , a marketing year low. The trade was expecting 26-33.
WHEAT: As of 7:45 – MPLS and KC UP 1
Brazil purchased 50,000 MT of US of HRW for Jan. shipment as they await Argentina’s approval to start exporting their new crop of wheat. Informa’s wheat seedings for 2014 were down 240,000 acres from their Nov estimate at 42.866 million acres. Lots of wheat worldwide. Wheat export sales numbers out this morning were higher than expectations (11-15) at 24.1 million bu, with most of that coming on the HRW to Brazil sale.