October 19, 2017
Grain Marketing Specialist
Corn: 1 higher
Corn continuing sideways stuck between the low of $3.42 and $3.55 futures. Corn harvest, for the US, is not quite at the 50% as most farmers are cutting soybeans. Ethanol production, reported yesterday, was up from 967,000 to 1.019 million barrels per day. Ethanol inventory held even at 21.5 million barrels. Export sales, reported this morning, came in at 50 million bushels. The majority being in the 2017/18 marketing year. Total export sales, to date, are at 587.7 million bushels, and is 34% behind this time last year. Weekly export shipments were reported at 13.4 million bushels. Total shipments, to date, are at 158.9 million bushels or 46% behind this time last year.
Soybeans: 1 higher
Soybeans managed to hold the $9.84 futures level yesterday. Warm temps, and little precipitations continue to advance harvest. Demand remains strong enough to keep prices afloat, despite a record 4.43 billion bushels expected to be harvested in the US. Export sales, released this morning, came in at 46.9 million bushels. Year to date export sales are at 965.9 million bushels and 7% behind this time last year. Total weekly shipments were reported at 68 million bushels. Total shipments to date are at 258.7 million bushels. This too is 7% behind this time last year.
Wheat: MPLS: 4 higher KC: 1 higher
Wheat, wheat, wheat, wheat. What to say about wheat? The story remains the same. We have a lot of it in the world. Most thought the reduction in US acres would trigger a bull to be released from its pen? Too bad Russia, Europe and India increased production. Winter wheat planting is behind, and one wonders if US producers are looking to plant something else? Export sales, released this morning, came in at 22.6 million bushels. Year to date sales are at 543.9 million bushels, 4% below this time last year. Weekly shipments were reported at 11.6 million bushels. Year to date totals are at 368.1 mb, 5% lower than this time last year.