Grains are weaker at the break. Beans are down 9 ¾ cents, corn down 3 ¾ cents, and wheat down 2 cents.
SX8 struggling after Monday’s upside. Combines are finally getting back in the field and adding pressure to the market. Quality issues creating only a slight concern, and many don’t expect a dent in the bumper crop.
The Economic Minister of Mexico said he hopes the tariff dispute between Mexico and the US will end prior to the new administration in Mexico taking office in December. This would be welcomed news for commodities such as hogs and cheese in the US.
Weekly export sales for wheat were 475 tmt versus the estimate of 300 tmt to 600 tmt.
Corn weekly export sales were 380 tmt versus the estimate of 800 tmt to 1.300 mmt.
Weekly export sales for soybeans were 290 tmt versus the estimate of 600 tmt to 1.00 mmt
Chart of the Day
Weekly total fuel ethanol production fell to 1.011 million barrels per day on the week to 10/12, compared to 1.040 mln bpd the week prior and actually below 1.019 mln bpd on the same week last year. Cumulative output over the first six weeks of the corn marketing year fell to 1.029 mln bpd, but that remains 17k bpd ahead of last year’s pace over the same span. The USDA is looking for roughly a 50- million-bushel increase in corn use for ethanol for ‘18/19, equating to a 9-10k bpd YoY ethanol output increase.