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Chicago Wheat Futures Set for Third Consecutive Week of Gains

Grains Were Mixed in the Overnight Session

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In the overnight session the grains were mixed with March Corn up 1 ¼ cents, March Soybeans up 4 ¾ cents and March Hard Winter Wheat down 1 ¾ cents this morning. March corn found support again along the 20 day moving average during yesterday's trade session.

Ethanol production dropped sharply in the latest EIA report to 1.032 million barrels per day from the previous week of 1.090 million barrels per day. This drop was greater than expected and is the first time since this summer that weekly production fell below last years levels for the same weekly period. Despite the decline in production ethanol ending stocks increased this week to 2.619 million barrels from 22.031 million barrels last week. Ethanol stocks are currently 21 percent above last years levels for the same week.

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Weekly export sales were disappointing across the board with all grains missing analyst expectations and recording marketing year lows for the period between December 22nd and December 28th. Corn sales were especially disappointing, falling 92 percent from the previous week with just 101,200 metric tons sold. Soybean export sales were down 43 percent week over week with only 554,000 metric tons sold this week.

Weekly Export Sales-

Actual

Estimated

Wheat - NC

131

225-500

Corn - OC

101

600-900

Soybeans - OC

554

600-900

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