Market update (change on the week):
- July corn down $.26 at $7.60
- December corn down $.25 at $7.14
- July soybeans up $.09 at $16.96
- November soybeans up $.04 at $15.22
- July soybean oil down $.02 per pound at 78.4 cents
- July soybean meal up $2.60 at $419.90
- July wheat down $.88 at $11.02
Highlights:
- US ethanol production was up 23 thousand barrels per day last week. Corn used for ethanol to date exceed last year’s comparable period by 8.9% but we are falling behind the seasonal pace to hit USDA’s target.
- US export sales were rather low last week. Corn sales of 6 million bushels were a marketing year low- the previous low was two weeks ago. And then for both Wheat and Grain sorghum, sales cancelations exceeded new sales.
- Managed money traders build back future and option net long position of wheat and soybeans while selling net positions of corn. Open interest picked up for soybeans, was flat for wheat and down for corn.
- Weekly export inspections showed export inspections for corn, soybeans, and grain sorghum all down from the previous week and their 10-week average. Wheat export inspections were up week over week.
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