Grains Futures Prices
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Wheat futures are 2 to 3 cents lower in the KC and CHI contracts this morning after they settled Wednesday up 6 to 6 3/4 cents in the nearby CBT and KC contracts. MPLS was 1 to 4 1/4 cents in the green yesterday and is 3 to 5 cents higher this morning. All wheat export sales for 17/18 during the week of September 14 are expected to be in the range of 300,000 to 500,000 MT. Last week’s total was 316,684 MT. Moisture is in forecast over the next week for most of the Midwest. Rains would slow planting, but relieve some dryness in parts of KS, OK, and NE. Planting progress was reported at 13% complete as of Sunday. On the heels of yesterday’s Stats Canada report, some analysts have increased their Canadian wheat crop estimates to around 27-29 MMT, vs. the USDA’s 26.5 MMT.
Corn futures are trading fractionally lower this morning after settling 1 1/4 to 1 3/4 cents higher on Wednesday. The weekly EIA report showed ethanol production for the week ending September 15 down 14,000 barrels per day to 1.033 million bpd. Ethanol stocks rose just 6,000 barrels to 21.138 million barrels. This morning’s Export Sales report is expected to show 700,000 MT to 1 MMT in 17/18 corn export sales for the week of September 14. China sold just 11,878 MT of the 226,740 MT of corn offered at their auction of state reserves on Wednesday. Most producers in that country are holding on to more of this year’s crop, as they are banking on higher prices in the coming months.
Soybean futures are currently 5 to 6 cents lower since closing the day 3 1/4 to 4 1/2 cents in the green. Oct soy meal was up $1.30/ton, with nearby bean oil 15 points higher. The USDA announced a large export sale of 1.08 MMT of soybeans to unknown destinations, with 960,000 MT for 17/18 and 120,000 MT for 18/19 in the morning. They also announced a sale of 132,000 MT of soybeans to China for 17/18 delivery through their daily reporting system. The sale of 1.08 MMT to is the ninth largest soybean sale on record for the USDA’s reporting system. Analysts are expecting the Export Sales report for the week of Sep 14 to show 17/18 soybean sales of 1.2 to 1.5 MMT. The USDA reported nearly 1.113 MMT in daily sales during that week. Soy meal sales are expected to total 75,000 to 250,000 MT, with soy oil ranging 0 to 30,000 MT.