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Wheat Dropping More after Yesterdays Losses
Wheat Dropping More after Yesterdays Losses
Thursday wheat futures are mostly lower, with some firmness in MLPS futures. MLPS are fractionally lower to 1 and 3/4 cents lower at midday. Chicago SRW wheat is down 1 to 2 cents at midday. Kansas City HRW wheat futures are dropping the most, down by as much as 3 1/2 at midday. Egypt purchased a total of 465,000 MT of wheat with 120,000 MT from Ukraine and 345,000 MT from Russia for January 5-15 delivery. Additionally, Rosario Grain Exchange lowered the Argentinean wheat production to 19 MMT. Analysts expect to see 200,000-500,000 MT in US wheat export sales for the week that ended on 11/7.
Ethanol Demand Pushes Corn Up
Corn futures are rebounding after Wednesday’s losses, with fractional midday gains. The EIA posted up to date ethanol production numbers for the week ending 11/8. Ethanol production averaged 1.03 million barrels per day over the week, which was another uptick in daily production, up 16,000 barrels wk/wk. Weekly ethanol production has been rising for the last 7 weeks. While production increased ethanol stocks decreased to 20.985 million barrels. Most of the usage came from the Midwest region, where ethanol stocks fell by 333,000 barrels, the gulf region’s ethanol stocks were 255,000 barrels less wk/wk while the east coast used 178,000 barrels more than their production.
Soybeans Falling for Third Consecutive Day
Soybean futures are lower again at Thursday’s midday, down by as much as 4 1/4 cents in nearby contracts. November Futures expire today. Soybean meal is down $2.10/ton, and so far soybean oil is up by 24 points. There were 214 delivery notices issued overnight against November futures, with an ABN AMRO client stopping 194 of them. Open interest was down to 241 contracts. The USDA reported a private sale of 129,000 MT of soybeans to China for 19/20 delivery. The trade is expecting USDA to show .08-1.4 MMT in soybean export bookings for the week of 11/7. Jan Soybean meal futures on the Dalian commodities exchange were up .42% on the day with 1.454 million in open interest.
