Ethanol Production Drops Slightly, Inventories Build
According to the EIA, ethanol production for the week ending on Jul 27 dropped to 1.064 million barrels per day, down from 1.074 million barrels per day. Ethanol stockpiles also built to 21.967 million barrels, up 314,000 barrels from last week. This inventory level is the highest in 3 weeks. The EIA also reported that in 2017, the total listed capacity of all US ethanol plants rose 5% to 16 billion gallons per year. Efficiency increases and plant expansions are the key drivers to the boosted production.
Storms Continue In C Nebraska And Kansas, Chance Of Hail
Thunderstorms are expected to continue across C Nebraska and along the border with Kansas through the middle of next week. The storms will bring 3-4 inches of rain but on Saturday, winds of 60 mph and golf ball-sized hail could occur in north-central parts of Kansas, according to the NWS. Scattered showers are also expected over N Missouri and the Michigan-Ohio-Indiana border region.
New Crop Corn Exports Post Strong Numbers As Bargain Buyers Continue Spree
Old crop corn export numbers were in line with analysts expectations but the new crop was reported at 986,100 MT. The biggest buyers were Unknown destinations, Mexico, Japan, and Saudi Arabia. Old crop soybean exports were down sharply, falling 76% from last week and 71% from the 4 week average. New crop bean exports fell in the middle of analysts range and the top buyers were Unknown destinations, Switzerland, and Japan. Wheat exports fell slightly from last week by 3,400 MT to 382,500 MT, about 1% lower. Taiwan, the Philippines, and Indonesia made up the bulk of purchases.
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