Ethanol Stocks Rise This Week
Stockpiles rose 634k barrels to 21.897 million barrels, nearly the same level as this time last year. Production of the biofuel remained unchanged week over week at 306 million gallons. This week’s production remains above the target needed to hit the USDA’s goal for corn demand for ethanol grind.
Wheat Rallies Overnight on Australia, Russian Weather Woes
Wet, cool weather in western Russia will slow crop progress while southern Russia remains dry and will miss coming rain showers. SW Australia has been lacking moisture and is not expecting any rain in the near-term forecast. Jul KC HRW rallied 11.5 cents to $5.5125 amid weather concerns and short covering.
Brazilian Government to Review Freight Rates, Potential for Strikes
The government, despite reaching a deal just days ago, is already looking to review these changes. Freight costs have already increased by as much as 150%. The spokesman of the National Transport Union has promised renewed strikes if these changes are altered in any way.
Export Sales
Export sales were mostly within trade expectations this week for corn and wheat, while soybean sales disappointed. Soybeans sales declined 40% from last week. 17/18 marketing year came to a close for wheat on May 31st with slight cancellations in the final week of the marketing year.
|
Actual |
Estimated |
Last Week |
|
|
Wheat-OC |
(-19.4) |
(-300)-(-100) |
29.5 |
|
Wheat-NC |
250.9 |
250-450 |
270.9 |
|
Corn-OC |
838.6 |
600-900 |
993.1 |
|
Corn-NC |
418.3 |
200-400 |
149.3 |
|
Soybeans-OC |
164.8 |
200-500 |
273.4 |
|
Soybeans-NC |
34.7 |
200-500 |
771.6 |
|
Soymeal-OC |
131.2 |
50-350 |
140.7 |
|
Soymeal-NC |
3.9 |
0-100 |
2.3 |
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