Grains Futures Prices
- Morning Grains 07/26/17
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Corn futures finished Wednesday trade with most contracts rebounding to finish 3 to 4 1/4 cents in the green. Analysts are expecting Thursday morning’s Export Sales report to show 200,000-500,000 MT of old crop sales, with 200,000-400,000 MT in new crop sales. This morning’s EIA report indicated weekly ethanol production for the week of July 21 was down 14,000 barrels per day from the previous week to 1.012 million bpd. Assuming a 2.8 gallon/bushel yield, total corn usage for ethanol is now at 5.017 billion bushels for the 16/17 marketing year. Ethanol stocks were reported at 21.529 million barrels, down 608,000 barrels from last week, as the Midwest and Rockies were the only regions to see an increase. Sep 17 Corn closed at $3.72 3/4, up 4 cents, Dec 17 Corn closed at $3.86, up 3 3/4 cents, Mar 18 Corn closed at $3.97 3/4, up 4 1/4 cents May 18 Corn closed at $4.02 3/4, up 4 cents
Wheat futures posted fractional to 4 1/2 cent gains in most KC and CBT contracts on Wednesday, with MPLS 10 to 13 cents higher in the nearby contracts. Ahead of Thursday’s Export Sales report, traders are expecting 17/18 wheat export sales to be in the range of 350,000-550,000 MT, as last week’s report show sales blowing by analysts’ estimates. The Spring wheat tour is currently underway, with final results expected Thursday. The Day 1 average was 37.9 bpa vs. last year at 43.1.The 5 year average is 45.7 bpa. Results from Day 2 will be out later this afternoon. Sep 17 CBOT Wheat closed at $4.77 3/4, up 3 3/4 cents, Sep 17 KCBT Wheat closed at $4.75 1/2, up 2 3/4 cents, Sep 17 MGEX Wheat closed at $7.30, up 12 1/2 cents
Soybean futures were mostly 6 to 7 3/4 cents higher on Wednesday on a dead cat bounce. Front month soy meal was up $1.50/ton, with Aug 17 soy oil 23 points higher. The weekly Export Sales report will be released tomorrow at 7:00 a.m. CST, with traders estimating 100,000-300,000 MT in 16/17 sales with 300,000-1,000,000 MT in 17/18 sales. Total soy meal export sales are expected to be 50,000-225,000 MT, with soy oil in the range of 5,000-25,000. The Brazilian Real has gained nearly 8.4% since the low after mid-May’s selloff. Argentina soybean crush during June was at 3.9 MMT, 15% lower than in May and down 5% from June 2016. China soy oil reserves are at 1.4 MMT, 6.4% larger over the previous month and 14.8% above the previous year. Aug 17 Soybeans closed at $9.88 3/4, up 7 1/4 cents, Sep 17 Soybeans closed at $9.93 3/4, up 7 3/4 cents, Nov 17 Soybeans closed at $10.00 1/4, up 7 1/2 cents, Mar 18 Soybeans closed at $10.12 1/4, up 6 3/4 cents, Aug 17 Soybean Meal closed at $319.80, up $1.50, Aug 17 Soybean Oil closed at $33.73, up $0.23