Market recap (changes on week):
- March corn down $.31 at $6.40
- December 2023 corn down $.16 at $5.95
- January soybeans down $.20 at $14.37
- November soybeans down $.19 at $13.76
- January soybean oil down 10.37 cents at 62.75 cents/lb
- January soybean meal up $20.40 at $432.10/short ton
- March wheat down $.41 at $7.39
- July wheat down $.40 at $7.57
- January WTI Crude Oil up $.44 at $77.51/barrel
Weekly highlights:
- US gasoline consumption remains about 10% below last year. US weekly ethanol production decreased 6 million gallons week over week.
- After a strong week of US corn export sales, this week export sales were down nearly across the board week over week. Soybean sales were flat while grain sorghum was slightly higher.
- Open interest futures and options positions of corn drastically fell on for last week- down 18% week over week. Open interest of Chicago soybean and wheat was relatively flat with slight increases. However, money managers added net long positions across the board.
- Weekly export inspections were up for corn, grain sorghum and wheat while down for soybeans week over week. Wheat inspections exceeded all expectations.
- Soybean planting in Brazil is now roughly 87% completely- slightly behind the pace experienced last year. Soybean acreage in Brazil might be more than originally estimated.
- Dryness is starting to emerge in Central and Southern Brazil once again.
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