Market recap (changes on week):
- December corn up $.10 at $6.91
- November soybeans up $.35 at $14.07
- December soybean oil up 1.4 cents at 73.2 cents/lb
- December soybean meal up $19.40 at $428.71/short ton
- December wheat up $.44 at $8.82
- July wheat up $.36 at $9.03
Weekly highlights:
- Ethanol production increased for the fourth straight week- up over 300 million gallons per week for the first time since early August.
- Export sales last week were rather soft for this time year for everything except the wheat categories. Wheat export sales exceeded all expectations. Very few new crop export sales.
- Open interest futures and options positions of Chicago wheat have been on a slow but consistent increase, Chicago corn future and option open interest positions were up while Chicago soybean open interest was down 15%. Money managers increased their net positions above expectations across the board.
- Weekly grain export inspections were up for grain sorghum and wheat but down for corn and soybeans. All were within pre-report expectations.
- Russia halted it’s backing for the UN grain deal, accusing Ukraine of using a safety corridor to attack its fleet.
- US Corn harvest is 76% complete, 88% complete for soybeans, and 55% complete for cotton.
- Winter wheat plantings are at 87% completed.
- That winter wheat conditions score came in at 28% good to excellent- the lowest score on record.
- Soybean planting in Brazil is 34% complete vs 38% last year and 26% average. Planting has gotten off to a good start.
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