Corn

EIA data from this morning showed ethanol production back up 5,000 barrels per day from the week prior to 1.072 million bpd in the week of August 9. Stocks of ethanol were down 413,000 barrels to 23.354 million barrels. Blender and refiner inputs of ethanol totaled 932,000 bpd, the most since late May. 

Traders are estimating to see between 300,000 and 550,000 MT of old crop corn export sales for the week that ended on August 8 in tomorrow morning’s Export Sales report. New crop is expected to be in the middle of a 150,000 and 800,000 MT range.

Corn prices have recovered. The settlement price for September Corn Futures on August 14th was 381 cents per bushel, up 0.86% compared to the previous session.

Soybean

Bean oil is feeling weaker following a proposal out of California to limit soybean and canola oil to a 20% inclusion rate (on a per entity basis) in biodiesel and renewable biodiesel to qualify for LCFS credits earlier this week. The proposed limits would go into effect in 2028.

Soybean export sales are seen as totaling between 100,000 and 500,000 MT in Thursday’s Export Sales report for the 2023/24 crop. Sales for the 2024/25 marketing year are estimated in between 400,000 MT and 1 MMT for the week that ended in August 8. Meal bookings are expected to total between150,000 and 650,000 MT between the current and next marketing year. Bean oil is estimated in a range of net reductions of 3,000 MT to sales of 25,000 MT.

NOPA is expected to show July crush totaling 182.37 mbu among members in tomorrow’s crush report. The range of estimates is 178.5 to 185 mbu among those surveyed by Reuters. Soybean oil stocks are pegged at 1.608 billion pounds as of July 31.

The September Soybean Futures ended its losing streak. The settlement price on August 14th was 952.25 cents per bushel, up 0.53% compared to the previous session.

Wheat

All wheat export sales are expected to have totaled between 200,000 and 500,000 MT in the week that concluded on August 8 ahead of tomorrow morning’s Export Sales report.

The September Wheat Futures reversed its decline. The settlement price on August 14th was 534.75 cents per bushel, up 1.13% compared to the previous session.

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