Grains Pop Thursday Morning

In the overnight session the grains are trading higher with December corn up 6 3/4 cents, November soybeans up 8 3/4 cents and wheat in Chicago up 4 cents. The U.S dollar is trading up nearly ½ a percent and crude oil is up 26 cents this morning.

旧作物出口销售s showed weekly declines for both corn and wheat. In the weekly sales report wheat booked 291,500 metric tons which was a 16% decline from the previous week. Corn sales were a marketing year low, declining 38 percent from the previous week with 331,100 metric tons sold. Soybeans showed positive sales with 45,500 metric tons booked which is expected considering the time of year. New crop sales were strong for soybeans booking 507,000 metric tons for 15/16 delivery. New crop corn sales were also strong with 325,100 metric tons sold, up from only 149,010 metric tons sold last week.

Yesterday’s ethanol production numbers from the EIA showed production has fallen 3,000 barrels per day week over week to a total of 984,000 barrels per day. Although this was a slight decline from last week it was better than expected and is 41 million barrels per day ahead the same week last year and 106 million barrels per day ahead of the moving average. Ethanol stocks also fell 101,000 barrels to 19.74 million barrels this week.

June NOPA crush numbers were higher than expected with 142.473 million bushels crushed in the month of June. This beat the average guess of 141.478 million bushels and is up substantially from last year’s June crush number of 123.117 mbu. Soyoil stocks were reported at 1.574 billion pounds.

—Cody Bills