November 21st, 2013
Corn as of 8:00 am, 3 higher
Ethanol numbers dropped some from last week. 904,000 barrels were produced versus the 927,000 barrels a week ago. These numbers are still 7% ahead of last year at this time. Export sales numbers out today. They are at 37 million bushels versus 47 million bushels last week. There are plenty of put options in the $4.00 - $4.20 levels that will expire at the end of the week, and the trade also needs to get the Dec contracts down to 600 before the first notice day next week.
Soybeans as of 8:00 am, 10 higher
Soybeans are pushing higher this morning. Growing conditions and weather forecasts in South America are seen as favorable. Export sales numbers today at 50 million bushels versus 31 million last week.
Wheat as of 8:00 am, Spr. Wheat, steady. Win. Wheat, 3 higher.
Egypt buys 4.4 million bushels of US soft red winter wheat. Wheat harvest in Australia and South America seems to be moving along very well. There are some weather concerns, but not thought to be anything to major. Wheat export sales this morning at 23 million bushels versus 11 last week.