Market recap (changes on week):
- December corn up $.31 at $6.96
- November soybeans up $.83 at $14.88
- October soybean oil up 1.9 cents at 68.34 cents/lb
- October soybean meal up $25.70 at $439.80/short ton
- December wheat up $.44 at $8.58
- July wheat up $.34 at $8.75
Weekly highlights:
- US weekly ethanol production was up 5.6 million gallons last week to 290.8 million gallons. This utilized 98 million bushels of corn. Gasoline demand rebounded for the corresponding week but still remains 9% below seasonal levels.
- Export sales reports continue to delay due to technical difficulties. USDA expects to resume regular reporting on Thursday September 15.
- However, daily flash sales last week showed 10 million bushels of corn sold to Mexico and 3.8 million bushels of soybeans sold to Taiwan.
- Open interest futures and options positions of Chicago wheat, corn and soybeans were also slightly up. Managed money positions decreased 2,349 positions for Chicago wheat and 2,172 positions for soybeans but increased 5,012 positions for corn.
- Export inspections for the last week of the old crop marketing year were down for corn, beans, grain sorghum but up for wheat. Soybeans fell below all trade estimates while wheat exceeded all estimates.
- 25% of the US corn crop is rated mature and 5% harvested so far. The national corn conditions rating was down 1% good to excellent on the week to 53%. The national soybean condition rating also declined 1% to 56% good to excellent.
- The September USDA Supply and Demand Estimate on Monday was in line with traders for corn yield estimates however the US soybean yield estimate fell 1 bushel below the average trade estimate and below all trader guesses. As a result soybeans were up big on Monday afternoon.
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