November 16, 2017 | Grain Hedge Insights | Kevin McNew | Views: 852

Moderate Export Sales This Week

Grains Traded Mixed in the Overnight

In the overnight session the grains traded mixed with Corn up ¼ of a cent, January Soybeans up ½ a cent and December wheat up 2 ¼ cents. Weather in South America is mixed with mostly favorable weather in Brazil, but dryness starting to become noticeable in parts of Argentina which is slowing planting pace.

 

The NOPA crush report showed that processors crushed 164.242 million bushels in the month of October, which was below analyst expectations of 164.641 million bushels. The report also showed that Soymeal exports increased to 643,199 metric tons, up from 562,180 metric tons a year ago. The biggest surprise was the fact that soyoil stocks slipped to 1.224 billion pounds from 1.302 billion pounds last month. NOPA reported that 11.54 pounds of oil was produced per bushel which was below the 11.61 pounds per bushel produced last year. This has some analysts questioning the quality of this years soybean crop and triggered a rally in soyoil yesterday.
 

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Export sales this week were moderate for wheat, but soybeans was on the lower end of expectations and corn missed expectations altogether. Wheat sales were on the high side of analyst expectations but still declined 37 percent from the previous week. Corn sales were down 60 percent from last week and soybean sales slipped 5 percent.


 

Weekly Export Sales-

 

Actual

Estimated

Wheat

489

350-550

Corn - OC

949

1,200-1,700

Corn - NC

5

0-200

Soybeans - OC

1,104

1,100-1,500

Soybeans - NC

72

0-50

 

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