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Soy Sales to China Support Market
Nov 22, 2013
Overnight grain markets were slightly higher for corn, higher for soybeans, and higher for wheat.
This morning the USDA announced the private sale of 115,000MT of soybeans to China for the 2013-2014 marketing year.
Today is the last trading day for December grain options. Please contact your broker to re-position any strategies involving these contracts.
There will be a cattle on feed report this afternoon at 2pm CST. On feed as of November 1st is estimated to be 94.2%, placed in October is estimated to be 110%, and marketed in October is estimated to be 101.5%.
This week’s ethanol data showed production was down 23,000 barrels per day to 904,000 barrels. Ethanol stocks were down 70,000 barrels to 15.08 million barrels.
Last Friday the EPA released a proposed cut in the ethanol mandate for all bio fuels to 15.2 billion gallons. This is 16% less than what was agreed to in 2007. The EPA also proposed cutting the blending of advanced bio fuels to 2-2.5 billion gallons which is below the 3.75 billion gallons under the same 2007 law.
The USDA reported weekly egg sets were up 2% from the same week a year ago while broiler placements came in up 3% from last year.
It was announced this week that due to budget cuts there will no longer be cattle on feed reports starting in July 2014.
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