Market recap (changes on week):
- December corn down $.18 at $6.57
- November soybeans flat at $14.40
- December soybean oil flat at 76.28 cents/lb
- December soybean meal down $13.00 at $406/short ton
- December wheat down $.27 at $8.18
- July wheat down $.25 at $8.54
- WTI Crude Oil down $6.16 at $84.65/barrel
Weekly highlights:
- Ethanol production increased for the sixth straight week- up to 309 million gallons per week.
- USDA increased yields of US corn and soybeans last week in their month report while increasing corn for feed use 25 million bushels and soybean use for crush by 10 million bushels.
- US ag export sales were disappointing on the week. Export sales were down for corn, soybeans, and wheat. They were up week over week for grain sorghum. Corn once again this marketing year continues to disappoint and fell below all pre-report expectations.
- Open interest futures and options positions of Chicago wheat and Chicago corn were marginally up this week while soybeans saw a 5% increase in open interest. Money managers sold out of freed grain positions while the soybean market saw a small increase tot their net long positions.
- Weekly USDA export inspections saw a reversal of roles as corn had a much-improved week while soybeans and wheat were significantly down from recent volumes. Both soybeans and wheat fell below all expectations.
- 96% of the US winter wheat crop has been planted up to this point and although the condition for the crop is historically, recent rains have improved conditions the last couple weeks.
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