September 22, 2016
Grain Marketing Specialist
Federal Reserve decided to keep interest rates unchanged, for now.
September 30th USDA will release the Quarterly Stocks Report!
Corn just can’t seem to find a direction as it continues to hover in Limbo. Weather forecasts remain wet thus lending to a slower US harvest. Ethanol production slipped last week from 1.004 million barrels to 981,000 barrels a day. Export sales numbers, from last week, showed 36.5 million bushels were sold. This was above the 29.9 needed to keep pace with USDA September demand projection.
Soybean: 3 higher
Pressure from the fields as yields seem to be better than expected led soybeans lower yesterday. Weather forecasts remain wet which could continue to slow harvest. Three large sales were reported yesterday. China took 4.4 million bushels, Taiwan took 4.3 million and 4.6 million went to unknown destinations. These were all in the 2016/17 year. Export sales numbers, from last week, came in at 32.2 million bushels. This was above the bushels needed to keep pace with the USDA September demand projections.
Wheat found a little bounce yesterday after Egypt announced that they will relax on the ergot fungus in wheat so that they will be able to resume imports. After the market closed with was announced that Egypt was in the market for October delivery wheat. Wet weather forecasts seen as beneficial to the southern plains. Exports sales, from last week, were reported at 20.6 million bushels. This was above the bushels to keep pace with the USDA September demand projections.