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Export Sales Update
Corn: 272k sold, trade guess 100k-300k
Soybeans: 1,319k sold, trade guess 600k-850k
Wheat: 573k sold, trade guess 350k-550k
Grain futures were mixed overnight with wheat posting positive gains while corn was off slightly. Soybeans were mostly unchanged in the overnight session.
EU private analysts raised their outlook for 2013 corn and wheat production thanks to higher acreage and expectations of improved yields. For wheat they expect a 9% increase in production from 2012, while corn production is expected to climb 16%.
Corn continues to struggle with fairly weak demand. Wednesday’s EIA ethanol report showed weekly production off 1.3% from the previous week and off 12.2% from the same week last year. USDA has pegged ethanol for corn to use to be off 10% for the marketing year.
In the export market, lack of business has and signs of US prices being too high has pushed Gulf corn basis levels down 7 cents a bushel since the start of the week while soybean basis is off 4 cents.