Grains stagnated overnight following yesterday’s soybean advance, which was sadly the biggest daily gain in 25 trade sessions on a 6-cent gain. Outside markets saw crude oil try to recover from steep losses yesterday.
Weather in the US for early planting and winter wheat development is near ideal. Heavy rains in the Delta should ease as showers over the next 10 days are expected to be light with heavier rains not slated to return until the 11-15 day ahead period. The Plains also are seeing better moisture with the 6-10 day forecast leaning towards rains in Texas/Oklahoma, with fairly extensive 11-15 day rains providing follow-up moisture for most Plains wheat.
Weekly export sales were reasonably strong this week with all three commodities mostly at the high end of combined OC-NC expectations.
Export Sales-
Actual |
Estimated |
|
Wheat - OC |
568 |
250-450 |
Wheat - NC |
87 |
50-250 |
Corn - OC |
1,138 |
700-1,000 |
Corn - NC |
34 |
100-300 |
Soybeans-OC |
482 |
350-550 |
Soybeans-NC |
395 |
150-350 |
In crude oil, the U.S. Energy Information Administration (EIA) reported an increase of 1.57 million barrels in crude inventories late on Wednesday, bringing total U.S. stocks to a record high of 535.5 million barrels.
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