In the overnight session the grains were mostly unchanged with corn up ½ of a cent, soybeans unchanged, Chicago wheat unchanged and KCBT wheat up ½ of a cent.
Exporters sell 130,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year. -USDA
Yesterday the National Oilseed Processors Association reported the amount of soybeans crushed by its members in December. The organization is made up of 13 members which account for roughly 95% of the soybean crushed in the US. This months report showed a record high 166.382 million bushels which was a record high and well above analyst expectations of 165.385 million bushels. Soybean oil stocks were reported at 1.538 billion pounds at the end of December which was well above analyst estimates of 1.381 billion pounds.
On Wednesday Brazilian Agriculture Minister Blairo Maggi said that his country is looking into removing a 20 percent tariff on ethanol imports from the United States. The decision could hinge on the US lifting the ban on fresh beef exports from Brazil.
Export inspections were reported at 1.231 million metric tons of soybeans, 368,651 metric tons of wheat and 584,389 metric tons of corn. Export inspections missed expectations for corn but was within analyst estimates for wheat and soybeans.
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