At the close:
At the close, the Sep. corn futures settled 2 1/2¢ lower at $3.01 1/2, while Dec. futures finished 1/4¢ lower at $3.15 1/2 per bushel. Sep. soybean futures closed 5 1/2¢ lower at $9.60, while Nov. soybean futures closed 7 3/4¢ lower at $9.43. Sept. wheat futures closed 2 1/4¢ lower at $3.61. Sep. soymeal futures finished $1.60 short ton lower at $312.20. Sept. soyoil futures closed $0.26 lower at 32.47¢ per pound. In the outside markets, the Brent crude oil market is $1.63 per barrel lower, the U.S. dollar is lower, and the Dow Jones Industrials are 74 points lower.
Mike
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At 1pm:
If you missed it earlier, the USDA announced quite the grocery list of exports.
Private exporters reported to the U.S. Department of Agriculture the following activity:
--Export sales of 187,000 metric tons of soybeans for delivery to China during the 2016/2017 marketing year; and
--Export sales of 275,000 metric tons of corn for delivery to Mexico during the 2016/2017 marketing year; and
Export sales of 138,000 metric tons of hard red winter wheat for delivery to unknown destinations during the 2016/2017 marketing year.
The marketing year for wheat began June 1; corn and soybeans began Sept. 1.
Mike
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At 12:50pm:
If you missed it, the EIA announced that for the seventh time in ten weeks, the U.S. weekly ethanol production numbers show an average of 1.0 billion barrels per day.
According to EIA data analyzed by the Renewable Fuels Association, ethanol production averaged 1.023 million barrels per day (b/d)—or 42.97 million gallons daily. That is down 5,000 b/d from the week before. Nonetheless, it is the seventh time in 10 weeks production has surpassed 1 million b/d. The four-week average for ethanol production stood at a record 1.025 million b/d for an annualized rate of 15.71 billion gallons.
Mike
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Beans were lower and corn was little changed after Allendale's survey of farmers showed pretty lofty yield and output expectations, though slightly lower than the USDA had forecasts last month. In other news, Agrium and Potash said they're exploring a merger of equals and Bunge bought a Mexican corn flour producer and six of its facilities in Mexico and the U.S. It's an exciting time to be in the ag industry as mergers and acquisitions are again heating up, though to be fair, they never really cooled down.
Here's what happened overnight:
Brent Crude Oil = 0.1% lower.
West Texas Intermediate Crude Oil = 0.8% lower.
Dollar = up 0.1%.
Wall Street = U.S. stock futures slightly lower in overnight trading.
World Markets = Global stocks mixed on conflicting economic data.
