10/2/14 Good afternoon, Corn finished the day trading slightly higher after trading on both sides of the fence. As of midday funds were buyers of an estimated 2000 contracts of December corn. Rainfall across the Midwest is slowing harvest up for producers. The extended forecast for October and November looks to be wetter and cooler. Weekly corn export sales came in on the low end of estimates this morning at 25.1 mln. bu. Year to date corn export sales are down 5 mln. bu. from last year. Despite weaker ethanol margins, lower corn prices appear to be bringing renewed interest in the ethanol industry. Last week a grant of $1.9 mln. was given to the Village of Waltonville, IL to build infrastructure needed for a new ethanol plant. A corn and sorghum ethanol plant is also said to be under consideration in central South Dakota. Soybeans finished the day firmer with wet conditions slowing harvest. U.S. bean harvest is expected to be delayed due to wet conditions across much of the Midwest. Parts of southern IL were hit with heavy rainfall overnight (3 to 6 inches). Several counties across the central portion of Illinois could see hazardous weather this afternoon and evening per the National Weather Service. Thunderstorms are expected to increase, becoming widespread as a cold front approaches. Some storms could be severe through the evening producing damaging winds and heavy rainfall. Weekly U.S. bean exports came in on the low end of expectations this morning at 319 mln. bu. Total commitments are near 1,062 mln. bu. compared to the USDA’s 1,700 mln. bu. forecast. Brazils bean producers are said to have only presold 12% of their expected 14/15 crop so far, which is less than half of what they’d sold a year ago. Last year 32% of the expected crop had been presold at this time compared to an average 31%.
Posted on: Thu, 02 Oct 2014 20:22:49 +0000