Grains mixed in the overnight. Beans down 1 ½ cents, corn down ½ cent, and wheat up 6 cents.
The House of Representatives passed the new Farm Bill in their vote yesterday. It will await President Trump’s signature next Tuesday.
Export sales for wheat were good for the 2nd week in a row at 754.1 mmt. Corn and beans were nothing special.
Wires were reporting China made its first major purchases of U.S. soybeans on Wednesday since a trade war truce earlier this month. The purchase of over 1.5 million tons of beans is the most concrete evidence yet that China is making good on pledges.
Chart of the Day
Weekly total fuel ethanol production fell back to 1.046 mil-lion barrels per day this week, compared to 1.069 mln bpd the week prior and 1.089 mln bpd on the comparable week last year. Cumulative output since September 1 now stands basically right in line with last year’s pace at 1.043 mln bpd; the USDA revised lower their 2018/19 corn use for ethanol estimate in this month’s S&D to 5.6 billion bushels, which is now basically right in line with last season as well.