Morning Quick Notes

Overnight
Grains are weaker overnight. Corn is down 1 ½ cents, beans are down 2 cents, and wheat is down 3 ½ cents.

Morning Headlines
Weekly US corn export sales are est near 400-800 mt, soybeans 300-700 and wheat 200-500.

According to some ag economists, if the U.S.-China trade war persists, the U.S. could lose 9 million acres of beans to Brazil permanently.

In September China has imported 30% ($3.6 billion-worth) of their food and ag products from Brazil, while the U.S. accounted for only 5% of imports at $625 million.

Rains have developed in the west overnight, dropping mostly light amounts on the WCB and southern Plains (heaviest in central KS and NE at 1-2”) and are moving into the central and southern belt this morning.

Chart of the Day
Weekly total U.S. fuel ethanol production rebounded by 13,000 barrels per day on the week ending last Friday (10/19), to 1.024 mln bpd, but that still came in below the comparable week last season at 1.039 mln bpd. However, that previous week’s low at 1.011 mln bpd came a full 44k bpd above last year’s early-Oct production bottom, with the seasonal increase LY measuring over a +140k bpd into early Dec. Cumulative output (1.028 mln bpd) so far this season remains safely (+12k bpd) ahead of last year’s pace.