Market recap (changes on week):
- July corn down $.18 at $7.42
- December corn down $.12 at $7.02
- July soybeans up $.03 at $16.99
- November soybeans up $.11 at $15.33
- July soybean oil up 2.8 cents/ lb at 81.19 cents
- July soybean meal down $12.80 at $407.10
- July wheat down $.09 at $10.93
Highlights:
- US ethanol production was up 57 thousand barrels per day last week to reach a calendar year high. While corn used for ethanol production is up 8.8% year over year- we are falling behind the seasonal pace needed to hit USDA’s corn use for ethanol target.
- Positive for biofuels last week was EPA announcing blending requirements for 2020, 2021 and 2022 and rejecting multiple years of small refiner exemption waivers.
- It was another dismal weekly export sales report from USDA last Friday. Corn has now saw it’s three lowest weeks of the marketing year in the last four weeks.
- Weekly US grain export inspections were up for corn, grain sorghum, and wheat but down from soybeans week over week. Only soybeans were outside the trader expectation window (on the low side).
- This week’s crop progress report showed 94% of the US corn crop planted compared to 86% last week and 92% last year. Winter wheat planting and soybean planting remain slow in the upper plains. The first corn condition rating showed good to excellent ratings of corn combined at 73%- up from 68% for the categories.
- Monday- Argentina’s government proposed a tax on companies that earn “extraordinary income” from the war in Ukraine- a move that is seen to impact the grain industry since ag exports are a big source of revenue for the country. Inflation is on track to exceed 70% in Argentina this year.
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