The trade will get an old-fashioned morning grain market open at 8:30 AM, following delayed export sales data, which no doubt have a chance to influence the action against fairly conservative trade estimates. A strong dollar and decent BRZ rains are two strikes against the grains though...
Egypt’s GASC Wednesday bought 240k tonnes of wheat for December 21-31 shipment, including 120k tonnes from France, and 60k tonnes each from Russia and Romania, at an average price of $206/tonne C&F.
The European Commission left their 2015 E.U. grain production estimates fairly steady this month, with soft wheat down from 149.2 to 149.1 MMT (still up from 148.7 MMT last year), and corn up from 57.4 to 57.5 MMT (still down from last year’s record 77.9 MMT harvest).
FranceAgriMer pegged 98% of the country’s soft wheat crop as good or excellent this week, steady with the previous week and above 93% on the same date last year, with planting of the crop virtually complete.
Russia’s Ag Ministry reduced their 2015 grain production forecast from 102.0 -102.1 MMT to 101.5 MMT in net weight.
DOE total fuel ethanol production rose to a record 1.008 million barrels per day, the first time output has broken theone-million-mark, above the previous record 994k bpd set back in June. That takes cumulative production since September 1 to 961k bpd—that’s up 38k bpd from last year’s 12-week pace, and even 10k bpd above last year’s final
pace; either way, the USDA’s latest estimate for a year-over-year corn use for ethanol decline looks relatively ridiculous
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