May 7th, 2015
Grain Marketing Specialist
Corn: 2 lower
Fears of softening demand have Trade selling back on gains made yesterday. Ethanol production was down 34,000 barrels/day last week. Export numbers, this week, were at 35.3 million bushels. This was better than last week, and above the 11.8, needed, to stay on pace with the USDA’s demand projections.
Export numbers, today, were at 25.3 million bushels keeping in pace with USDA predictions. Shipments to date were at 1.803 billion bushels above the USDA’s expectations of 1.79 billion bushels. No new news on the Argentina strike.
Weekly export sales on wheat showed 11 million bushels. Weekly shipments came in at 10.5 million bushels well below the expectations of 25.5 needed this week to keep pace with USDA predictions.