February 23, 2018 | Grain Hedge Insights | Kevin McNew | Views: 693

Soybeans Miss Export Sales Expectations Sharply

Grains Up in the Overnight Session

Drought Monitor

Latest U.S Drought Monitor shows Kansas increased moderate drought.

Oklahoma is unchanged with 37.8 percent of the state in extreme drought. (Rains in eastern Oklahoma after Tuesday were not included in latest run)

Texas drought lessened with rains in the east, but panhandle still in mostly extreme drought.

South America

Argentina expected to remain dry through Wednesday. Showers late next week are likely but may not be widespread.  

Buenos Aires grain exchange revised Argentina 17/18 corn and soybean harvest lower.  

Soybean production estimated at 47 MMT from 50 MMT.

Corn production estimated at 37 MMT from 39 MMT.

Brazil harvest will make its largest progress in the southern part of the state. However, precipitation is expected through most other production areas from Friday through next Thursday.

Ethanol

Ethanol production jumped to 1.068 million barrels/day this week from 1.016 million barrels per day.

Weekly ethanol stocks decreased to 956 million gallons from 961 million gallons.

Stocks are at the lowest level in five weeks despite production jump. Large stocks have been a concern this year with stocks earlier this marketing year running as much as 20 percent above last year.    

 

Export Sales

Soybeans missed expectations sharply by recording net reductions of 109,100 MT

Corn export sales beat expectations but were down 21 percent from last week.

Wheat sales were up 6 percent week over week and met expectations.

 

Weekly Export Sales-

 

Actual

Estimated

Wheat

328

250-500

Corn

1,555

1,000-1,500

Soybeans

-109

600-900

 

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