Market recap (changes on week):
December corn down $.02 at $6.81
November soybeans down $.13 at $13.72
December soybean oil up 5.03 cents at 71.87 cents/lb
December soybean meal down $2.30 at $408.70/short ton
December wheat down $.23 at $8.38
July wheat down $.16 at $8.67
Weekly highlights:
Ethanol production increased for the third straight week- up to nearly 300 million gallons produced per week.
Export sales were strong for soybeans and soybean components. Sales of soybeans were the strongest in a year while sales of soybean meal were the strongest since January of this year.
Open interest futures and options positions of Chicago wheat were flat again last week, Chicago corn future and option open interest positions were down 2% while up 2% for Chicago soybean positions. Managed money futures and options positions unwound some of the action from last week- down for feed grains while increasing some for oilseeds like soybeans.
After the cattle on feed report last Friday- live cattle futures rallies to fresh 7-year highs.
Export inspections were up week over week for corn, soybeans and grain sorghum while down for wheat. Wheat inspections fell below all pre-report trade estimates while soybeans had the fourth highest volume of all-time.
Corn harvest is 61% complete, 80% complete for soybeans, and 45% complete for cotton. All ahead of the 3-year average.
Winter wheat plantings are at 79% completed.
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