Morning Comments March 18, 2021

Corn For Grain Advisors Invite

The weekly export sales numbers are out this morning with pretty good numbers. 38.8Mln corn sales and 7.4Mln soybean sales; both were slightly higher than what was estimated. Outstanding (unshipped) sales balances are still very large at 1.2Bln corn (543Mln last year) and 249Mln beans (170Mln last year). The recent Chinese corn purchases announced this week will show up on next week’s sales report, so expect a big corn number there as 95Mln has been done in the last two days. Trade delegations from the U.S. and China are meeting in Alaska today, could be that corn purchases earlier in the week were pre-meeting goodwill. 

The weekly EIA ethanol numbers yesterday had production at 0.971MBPD, up 3% from the prior week. Inventories declined sharply to 21.34MBLS, down 3.4% from the week prior. Spot ethanol margins are the best since pre-COVID.

Other news is light. The overnight markets are sagging lower on fund selling, the volume is pretty light. 

Opening calls:

Corn: steady to 2c lower

Beans: down 5-8c