Corn export sales announced this morning for the week ending 3/18/21 were indeed massive at 176.4 million bushels. That number is up 137.6 million bushels from the previous week and 134.1 million bushels from the same week last year. Needless to say, we’re on pace for a healthy corn export program which will tighten corn stocks across the country. Perhaps the market had already priced those numbers in as nearby corn is down a nickel on the overnight. We’ll continue to need fresh feed for the bull as we approach the much anticipated March 31 stocks and acreage report.
Wheat markets are taking a hit this morning as rains move into key winter wheat areas. While wheat is still a premium to corn, if crop ratings continue to rise cattle producers may look to add more feed wheat into their rations to combat higher corn prices.
The Department of Energy’s weekly ethanol production report yesterday put a damper on the positive momentum ethanol has realized over the past three weeks. Production numbers for the week ending 3/18/21 were lowered by 49,000 barrels per day from the week prior at 922,000. However, ethanol stocks still declined last week which is positive for both ethanol margins and corn demand.
Corn: down 2-5c
Beans: down 7-10c