Grain Insights

Brazil is Expected to Export 68 Million Tonnes of Soybeans in 2018

Market Action

• Grains mixed in the overnight session.

• Strong buying in the grain complex could have been amplified by funds “window dressing” at the end of the month.

• Exporters sell 120,000 MT of Soybeans for delivery to China of which 60,000 MT is for 2017/2018 marketing year delivery, 60,000 MT for 2018/2019 delivery. -USDA

• Exporters sell 126,000 MT of Soybeans for delivery to unknown destinations of which 63,000 MT is for 2017/2018 delivery, 63,000 MT is for 2018/2019 delivery. -USDA

Argentina

• Weather forecast expects dryness to remain dominant into next week for major production regions. Some light precipitation possible starting in the south and moving north Sunday into Monday.

• Recent model suggests increased rainfall starting next Thursday  and continuing into the following Monday in southern and central Argentina.

Brazil

• Unchanged forecast; frequent showers are expected to slow fieldwork.

• Tues and Wed will provide opportunities for fieldwork in southern Brazil.

• Conditions are dry in southern Rio Grande do Sul.   

 

RFS Meeting at White House Today 12 CST

• Pres. Trump called another meeting at White House for today to discuss RFS.

• Meeting includes representatives from oil and corn industries along with key Senators.

• Discussion may include options such as exports to count as biofuel credits and for E15 to be sold year-round.  

Ethanol

• Ethanol production slipped to 1.044 million barrels per day from 1.068 MBPD LW.

• Ethanol production was above LY same week production by 1 percent.

• Jan, Feb ethanol production has only run .5 percent ahead of LY pace which is a decline from the Sep-Dec period that produced 4.3 percent more ethanol than the same period LY.

• Ethanol stocks increased to 965 million gallons from 956 million gallons LW.

• Ethanol stocks are now below LY levels for the first time this marketing year, however still near record highs.  

Export Sales

• Corn and soybean export sales strongly beat analyst expectations, improving over last week.

• Wheat sales disappointed analysts falling 42 percent from last week.  

 

Weekly Export Sales-

 

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