On average corn was up 1 3/4 cents, building on last week’s gains. Ethanol plants moved higher as well up 1 1/2 cents per bushel. Corn along the river broke its downward trend gaining 3 1/2 cents this week. Pork producer Smithfield Food Inc. has begun buyer grain elevators and purchasing grain directly from handlers. Last September Smithfield bought two Ohio grain elevators and now buys about 65% of its feed directly from farmers. The long term effects on cash prices if any are yet to be know.
Soybeans saw upward movement as well this week gaining 1 1/4 cents per bushel. Crush facilities lost the momentum built over the past two weeks and lost 1/4 cents. Soybeans along the river moved higher, gaining 2 cents. Soybean exports were below expectations this week with only 974,000 MT of beans exported. USDA pegged expectations between 1 million MT and 1.5 million MT.
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