Grain markets remain under pressure with prices hovering near lows, and hopes now rest on the upcoming USDA July WASDE report, set for release today on 4 PM GMT.
āāāāāāCorn ā bullish hints from strong exports & ethanol
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Old-crop corn exports are outperforming expectations, with total commitments at 102.3% of USDAās forecast (vs. 94.4% 5-year average).
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Ethanol production has rebounded and exceeded needed levels for five weeks.
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Grain Market Insider expects upward revision to old-crop exports and possibly ethanol, lowered new-crop production estimate (due to reduced acreage).
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No changes in new-crop yield or demand anticipated.
Soybean ā tightening stocks on steady demand
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Exports are tracking well, and inspections are slightly above the 5-year average.
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Soybean crush is gaining momentum ā May crush at 204M bushels vs. 192M last year.
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Market watchers expect slightly higher old-crop exports and lower ending stocks.
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New-crop ending stocks may also be trimmed due to acreage cuts.
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No demand or yield changes expected for new soy crop.
Wheat ā Quiet Adjustments Likely
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Export sales slightly outpacing the norm (29.4% of USDA est. vs. 25.5% 5-year avg).
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Export inspections are a bit behind schedule.
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Expectations: slightly higher carryout due to larger planted acres and quarterly stocks.
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No changes to wheat yield or demand expected.
Source: xStation5
