Weekly export sales out this morning with a continuation of the recent trends….disappointing numbers on corn, strong numbers on soybeans.
Corn sales reported at 6.6 Mln bu and soybeans at 32.9 Mln bu. Overnight markets were lower in both corn and beans, but old crop beans are now higher after the sales figures came out. South American weather pretty much unchanged overnight, scattered showers but areas in Argentina are still under stress. Private estimate raised production estimates for both Brazilian soybeans and corn this morning….this is further weighing on the corn market.
Monthly USDA supply/demand report will be out tomorrow at 11am. Most expecting a larger corn carryout, given continued dismal export pace and slowed ethanol demand.
Early am markets: corn down 4-5 cents; old crop soybeans up 2-4 cents, new crop beans steady.
Jon Setterdahl
Farmers Cooperative Company
Ames, Iowa, USA
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