January 11, 2018 | Grain Hedge Insights | Kevin McNew | Views: 326

Analysts Feel US Farmers Have Planted the Fewest Winter Wheat Acres Since 1909

Grains Mixed in the Overnight Session

In the overnight session the grains were mixed with March corn unchanged, March soybeans up 1 ½ cents, March wheat down 2 ¼ cents and March Kansas City wheat down 1 ¾ cents.

 

Exporters sell 132,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year. -USDA

 

Weekly ethanol production declined sharply for the second week in a row to 996 thousand barrels per day from 1.032 million barrels per day the week before. In the last two weeks we have seen total weekly production pull back 9 percent. Despite the sharp pullback in ethanol production, ethanol stocks continue to climb. Ethanol stocks increased this week to 954 million gallons and are now 13.5 percent over last years stocks during the same week.   

 

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A report released late yesterday by the Rosario grains exchange estimated Argentina would produce 52 million metric tons of soybeans in the 17/18 marketing year, down from their previous forecast of 54.5 million metric tons. The revision was due to the delays in planting caused by dry weather throughout their country. The report also lowered their corn production forecast to 39.9 million metric tons from 41.5 million metric tons. Further revisions to their production forecast could occur if the rains in Buenos Aires do not materialize over the next week.

 

Export sales were disappointing for wheat and within expectations for both corn and soybeans. Wheat only saw 71,500 metric tons sold for the week ending January 4th which was the marketing year low. Corn booked 437,700 metric tons which was up from the previous week, but was still down 54 percent from the four week moving average. Soybeans booked 607,400 metric tons which was also a week over week improvement.   

 

Weekly Export Sales-

 

Actual

Estimated

Wheat - NC

71

250-450

Corn - OC

437

350-650

Soybeans - OC

607

500-850

 

 

 

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