Brazil is Expected to Export 68 Million Tonnes of Soybeans in 2018

Grains Mixed in the Overnight Session

October 2, 2020

Market Action

Grains mixed in the overnight session.
Strong buying in the grain complex could have been amplified by funds “window dressing” at the end of the month.
Exporters sell 120,000 MT of Soybeans for delivery to China of which 60,000 MT is for 2017/2018 marketing year delivery, 60,000 MT for 2018/2019 delivery. -USDA
Exporters sell 126,000 MT of Soybeans for delivery to unknown destinations of which 63,000 MT is for 2017/2018 delivery, 63,000 MT is for 2018/2019 delivery. -USDA

Argentina

Weather forecast expects dryness to remain dominant into next week for major production regions. Some light precipitation possible starting in the south and moving north Sunday into Monday.
Recent model suggests increased rainfall starting next Thursday and continuing into the following Monday in southern and central Argentina.

Brazil

RFS Meeting at White House Today 12 CST

Pres. Trump called another meeting at White House for today to discuss RFS.
Meeting includes representatives from oil and corn industries along with key Senators.
Discussion may include options such as exports to count as biofuel credits and for E15 to be sold year-round.

Ethanol

Ethanol production slipped to 1.044 million barrels per day from 1.068 MBPD LW.
Ethanol production was above LY same week production by 1 percent.
Jan, Feb ethanol production has only run .5 percent ahead of LY pace which is a decline from the Sep-Dec period that produced 4.3 percent more ethanol than the same period LY.
Ethanol stocks increased to 965 million gallons from 956 million gallons LW.
Ethanol stocks are now below LY levels for the first time this marketing year, however still near record highs.

Export Sales

Corn and soybean export sales strongly beat analyst expectations, improving over last week.
Wheat sales disappointed analysts falling 42 percent from last week.

Weekly Export Sales-