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Corn Export Sales Were Huge This Week

Grains Up in the Overnight Session

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Highlights

NOPA Crush numbers scheduled for release at 11 CST

Marketing year high for corn export sales!

Ethanol production declines; while stocks jump

Argentina

Yesterday’s rains fell in NE Santa Fe and Corrientes.

Weekend rains are expected to cover 60 percent of crop producing regions.

Precipitation is expected to have limited impact on yield recovery given the late stages of development.

Brazil

More showers today across Brazil are expected to slow fieldwork through next Wednesday.

Rains expected in Brazil’s far southern region of Rio Grande Do Sul today providing some much needed moisture to that area.

NOPA Crush Expectations

NOPA February crush is expected to show that 149.443 million bushels of soybeans were crushed in February.

Analysts expect soyoil stocks to be reported at 1.766 bln lbs.

Ethanol Production

Weekly ethanol output declined 32,000 barrels per day to 1.03 million bpd and was 1.9 percent below this week last year.

The surprise increase in corn used for Ethanol in the March WASDE report means that weekly production will have to run 3.2 percent ahead of last year from now until the end of August.

Weekly ethanol stocks increased to 24.28 million barrels from 23.144 mln bbls last week.

Ethanol stocks are now 6.7 percent above LY during this time.

Weekly Export Sales

Wheat sales fell 58 percent from LW and is down 47 percent below the four week average.

Corn export sales were huge this week, recording a marketing year high of 2.5 million metric tons sold.

Major buyers included 838,000 MT to Japan, 388,600 MT to Taiwan, 206,800 to S. Korea and 197,900 to Mexico.

Soybean sales were down 49 percent from last week but still managed to beat analyst expectations.

Weekly Export Sales-

Actual

Estimated

Wheat

162

250-500

Corn

2,505

1,300-1,700

Soybeans

1,269

800-1,200


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