January 30, 2014
Producer Marketing Manager
Corn: As of 7:45 – UP 3
Ethanol production for the week of Jan 24th released yesterday was at 900,000 barrels per day, down 5 from the previous week. With the natural gas prices and issues this week I wouldn’t be surprised to see a smaller ethanol grind when it is released next Wednesday. Export sales out this morning were solid at 72.4 million bushels. The trade was expecting 22-30.
Soybeans: As of 7:45 – Steady
Old crop futures were sharply lower yesterday fueled by rumors that China had cancelled purchases from the US, though unconfirmed at this point. This is not surprising given the fact that Brazilian new crop beans are making their way to the port. It looks like Argentina will get some good precip chances in the next week to alleviate some of their dryness. Export sales out this morning were below expectations at 18.2 million bushels (28-39 expected). Some cancellations in this number?
Wheat: As of 7:45 – MPLS UP 2, KC UP 5
Wheat markets were lower yesterday on spillover selling from the other commodities. The nearby Minneapolis wheat contract closed under $6 for the first time since July 2010. Wheat exports were at a decent 29.2 million bushels and above expectations of 11-18. Of that total HRW=8.6, HRS=7.3, White = 9.2.