市场的隔夜大幅上升

In the overnight session the grains are trading sharply higher with corn up 5 ¼ cents, soybeans up 7 ¼ cents and wheat up 15 ½ cents this morning. This morning we saw large single day reportable sales of 126,000 metric tons of corn to unknown destinations, 1.5 million metric tons of soybeans to China for 15/16 and an 89,264 metric tons sale of spring wheat to Mexico for 2014/15.

Weekly exports sales were released at 7:30 CST this morning showing wheat sales improved 8% on the week, booking 476,300 metric tons of sales which was on the high side of analyst expectations. Corn sales met expectations with 693,500 metric tons, but declined 28% from the previous week. Soybean export sales fell 14% this week booking 696,000 metric tons. Soybean sales met expectations and is still running well ahead of pace to meet this year’s USDA expectations. Cumulative sales for soybeans are now at 41 million metric tons which is well ahead of expectations for this time of year which are around 34 million metric tons.

Yesterday ethanol production was released showing another increase in weekly production. Production jumped 2,000 barrels per day, setting another marketing year high at 990,000 barrels per day. Despite the strong production numbers this week there seems to be a slowdown on the horizon. The average ethanol prices in Iowa have been declining over the last couple weeks with late November ethanol prices going from $2.31-$2.52 dollars per gallon to around $1.88-2.15 per gallon. Crush margins have fallen accordingly from $3.42 per bushel to around $2.90.

—Cody Bills