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Kevin Van Trump has over 20 years of experience in the grain and livestock industry.
Since Monday Soybeans have backpedaled about $0.30 cents from their high and corn is off about $0.10 cents from it's recent high… "Weather" is primarily the main culprit as better chances for precipitation and cooler temps in Argentina and southern Brazil have prompted traders to reduce some of the pre-holiday "weather premium" that had been added. Since soybeans were the biggest beneficiary on the way up, they have suffered the biggest setback as the forecast has improved.
Export sales were stronger than expected across the board: Corn export sales of 1,478,500 MT for 2013-14 and 509,200 MT for 2014-15 reported (with Japan, South Korea and Mexico big buyers); Soybean export sales reported at 720,200 MT for 2013-14 and 68,100 for 2014-15 (China and Mexico big buyers); Wheat export sales reported at 596,900 MT for 2013-14 and 60,000 MT for 2014-15 (Brazil, China and Egypt all US wheat buyers last week).
Ethanol production ticked back slightly for the week ending Dec 20th at 926,000 barrels per day vs. 928,000 the previous week. Keep in mind this is still extremely strong and much higher than the 834,000 we were producing a year ago. Ethanol stocks jumped....Like what your reading, click here for my daily report...
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