Grains were mixed overnight as wheat continued to find strength while corn and soybeans were lower heading into the morning break. In outside markets crude oil was trying to extend its winning streak to 7-consecutive days, eclipsing the $50 a barrel mark for the first time since July.
On Wednesday, Informa Econ put out their latest US crop forecasts. They pegged the US corn crop at 15.2 billion bushels on a 174.5 bushel per acre yield, on par with USDA’s September forecast. For soybeans, Informa has a higher yield than USDA with 51.6 bushels per acre versus USDA at 50.5.
Also on Wednesday, Egypt announced they would likely be stockpiling a 6-month supplies ahead of their currency devaluation plans. This helped support ideas that the world’s number one importer of wheat would be aggressively buying wheat soon. Also, Morocco announced they bought 260,000 MT/ of US white wheat helping push wheat prices higher.
EIA data on Wednesday was supportive for ethanol showing a 400,000 barrel drawdown in stocks pushing them to 20.18 million barrels. Also, for the 5th week in a row crude stocks came in lower than analyst expectations which continued to give strength to the crude market.
WEEKLY EXPORT SALES
Actual Expected
Corn 2,700 1,100-1,400
Soybeans 2,179 1,200-1,500
Wheat 377 400-600
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