Corn

EIA data from this morning showed near record high ethanol production in the week that ended on July 12 at an average 1.106 million barrels per day. That was a 52,000 bpd increase on the week and the second largest implied corn consumption all time. Ethanol stocks totaled 23.16 million barrels, a 443,000 barrel drop from the previous week despite the big production number.

Export Sales expectations are running 500,000-800,000 MT for the week ending July 11, with 25,000 MT to 400,000 MT for new crop.

Soybean

Weekly export sales estimates for last week (through July 11) are running 150,000 to 600,000 MT for old crop, with 50,000 MT to 400,000 MT for new crop. Meal sales are pegged in a range of 80,000 to 500,000 MT. Bean oil bookings were 0 to 25,000 MT.

ABIOVE, the Brazilian crusher association, put it’s Brazilian bean crop estimate at 153.2 MMT, actually slightly above USDA. CONAB is still down at 147.34 MMT.

Wheat

Trade ideas for US weekly wheat export sales are running 225,000 to 600,000 MT for the week ending July 11. USDA will release those numbers tomorrow morning.

After Egypt’s big purchase of 770,000 MT on Tuesday, Algeria bought at least 600,000 MT of wheat in their tender on Wednesday. South Korean importers purchased 40,000 MT of US wheat on Wednesday.

Source: Barchart