Aug 7th 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
A strong wheat market looks to be the driver of yesterday’s gains. Both Sep and Dec corn settled 7 higher. USDA announced a new crop sale of 160tmt. Weekly ethanol production down 52,000 bpd to 902,000. Export sales this morning at 120.9 for 13/14 and 758.7 for 14/15 vs expectations of 800-1000.
Soybeans: As of 7:45- 1 higher
Soybeans higher yesterday supported by corn and wheat. Problems in the Ukraine also help fueled the rally as they are buyers of US poultry. Putin talking about a ban or at least limiting imports of certain agricultural products from countries that imposed sanctions on Russia. Much of the rain over the last 24 hrs has missed the WCB were it is needed the most. Export sales this morning at 94.9 for 13/14 and 1,010 for 14/15 vs expectations of 100-200 oc and 1,000-1,200 nc.
Wheat: As of 7:45- spring 3 lower, winter 4 lower
Wheat higher again yesterday on continued concerns of EU quality along with Russian/ Ukrainian tensions. Japan bot 120 tmt of US wheat. Export sales this morning at 590.9 for 14/15 and 30 for 15/16 vs expectations of 600-800 tmt. Harvest looks to continue across the Dakota’s as much of the rain fall was less than expected.