The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
The FBN Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
NOPA Crush numbers scheduled for release at 11 CST
Marketing year high for corn export sales!
Ethanol production declines; while stocks jump
Yesterday’s rains fell in NE Santa Fe and Corrientes.
Weekend rains are expected to cover 60 percent of crop producing regions.
Precipitation is expected to have limited impact on yield recovery given the late stages of development.
More showers today across Brazil are expected to slow fieldwork through next Wednesday.
Rains expected in Brazil’s far southern region of Rio Grande Do Sul today providing some much needed moisture to that area.
NOPA Crush Expectations
NOPA February crush is expected to show that 149.443 million bushels of soybeans were crushed in February.
Analysts expect soyoil stocks to be reported at 1.766 bln lbs.
Weekly ethanol output declined 32,000 barrels per day to 1.03 million bpd and was 1.9 percent below this week last year.
The surprise increase in corn used for Ethanol in the March WASDE report means that weekly production will have to run 3.2 percent ahead of last year from now until the end of August.
Weekly ethanol stocks increased to 24.28 million barrels from 23.144 mln bbls last week.
Ethanol stocks are now 6.7 percent above LY during this time.
Weekly Export Sales
Wheat sales fell 58 percent from LW and is down 47 percent below the four week average.
Corn export sales were huge this week, recording a marketing year high of 2.5 million metric tons sold.
Major buyers included 838,000 MT to Japan, 388,600 MT to Taiwan, 206,800 to S. Korea and 197,900 to Mexico.
Soybean sales were down 49 percent from last week but still managed to beat analyst expectations.
Weekly Export Sales-
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
No comments have been posted to this Blog Post