Corn Export Sales Surge from Previous Week, Soybeans and Wheat Underwhelm
The USDA announced weekly export sales for corn as 1,266,500 MT, 44% higher than the previous week and up 77% from the 4-week average. These sales numbers also far surpassed analysts expectations. The largest buyers of US corn were South Korea, Colombia, and Japan. Soybean sales came in at 628,800 MT, 8% lower than the previous week but represents an increase of 50% from the 4 week average. Top buyers of beans for the week were the Netherlands, Argentina, and Mexico. For wheat, the USDA pegged export sales as 377,100 MT, which is 14% higher than last week but 25% lower than the 4 week average. The week’s top buyers were Peru, Nigeria, and Mexico.
Ethanol Production and Stockpiles Grow Slightly as Ethanol Futures Make 13-Year Low
For the week ending on Nov 23, the Energy Information Administration reported ethanol production as 1.048 million barrels per day, compared to 1.042 million barrels per day for the previous week. Inventories of the biofuel grew modestly as well, rising by 139,000 to 22.93 million barrels. Ethanol stocks this time last year were 22.044 million barrels as demand has stagnated during 2018. The futures price of ethanol traded at the lowest level since June 2005, going for $1.15 a gallon in Chicago. Demand has eroded but supply remains steady as ethanol producers continue to grind corn and distill.
Winter Weather Conditions Expected Across Much of Western Corn Belt and Northern Plains
The National Weather Service has extended their winter storm watch from Montana in the west all the way east to N Iowa and will remain in effect through the weekend. Montana and W South Dakota can expect up to 10 inches of snow. Further south, E South Dakota and NE Nebraska are expecting 4-6 inches and winds as high as 35 mph. The tri-state region of Minnesota, Iowa, and Wisconsin is also bracing for 4-8 inches of snow and ice accumulations following a forecasted ice storm early Saturday morning.
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