Morning Grain Comments, 10/08/2015

Thursday, October 08, 2015

Dec corn got within a tick of $4 early yesterday morning, but it's been all downhill since; that embodies the chart action of the grains in the short-term pre-report, with a ton of technical resistance all around...

South Korean corn processors tendered for 55k tonnes of optional-origin corn.

Saudi Arabia has issued an international tender for 715k tonnes of hard wheat, for Dec-Feb shipment; they last bought 505k tonnes in early August.

Japan bought a total of 119k tonnes of milling wheat in their regular weekly tender, including 31k from the U.S., 68k from Canada, and 20k from AUS.

The United Nations FAO reported a small rise in world food prices in September, with their index rising one point to 156.3 points—still 19% below LY



DOE fuel ethanol production continued to rebound last eek at 950,000 barrels per day on the week ending October , up from 943k bpd the previous week and the seasonal ow at 938k bpd the week prior. Cumulative output continues o run at a record 950k bpd pace, compared to the previous ecord 906k bpd rate through five weeks last year. The SDA is looking for 45 mln bu more corn used in 2015/16 han in '14/15, or a little over 8k bpd of ethanol production.

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