The grain markets put in extremely narrow overnight trading ranges, held up again by soybeans as exports continue to ramp up seasonally; however, beans aren't doing much of a job propping up anything as even they scraped out new move lows on the open, and only recovered a few cents since
The Korean Feed Association rejected all offers and made no purchase in a tender for 65k tonnes of corn; the lowest offers came in at $196/tonne C&F.
Israeli private buyers purchased an unknown volume of corn and feed wheat overnight, but barley; volumes sought were up to 125k tonnes, 35k tonnes, and 15k tonnes, respectively. The corn was bought for $179-182/tonne with shipments varying from Dec 25 thru March 10, while the feed wheat went for $195/tonne C&F. Traders believe the corn was sourced from the Black Sea.
Egypt's GASC is seeking optional-origin wheat for Dec 1-10 shipment today; they las bought 240k tonnes from Russia and Romania for Nov 21-30.
Jordan has tendered again for that 100k tonnes of optional-origin hard milling wheat; a series of tenders issued in October all went without any purchase.
Thomson Reuters compiled shipping data from Brazil and reported the potential for Brazilian grain exports to triple from a year ago, with 114 ships scheduled to leave Brazilian ports next month, carrying 6.3 MMT of corn and soybeans. A year ago, 42 ships were on tap to carry 2.27 MMT of grain. BRZ ports normally ship more corn and than soy into the end of the calendar year, though 4.64 MMT of corn were shipped in September already, compared to 3.06 MMT of soybeans. Nov corn exports could reach 5.3 MMT next month, up nearly 150% from Nov 2014, and compared to 1.3 MMT of soybeans.
Total DOE fuel ethanol production declined to 944,000 barrels per day on the week ending 10/23, down 7k from the previous week and the lowest Oct output number so far, though still 7k above the comparable week last year. Cumulative production through nearly eight weeks of the 2015/16 corn marketing year stands at 949k bpd, still 43k bpd ahead of last year's pace, with USDA corn usage estimates indicating about an 8k bpd YTY ethanol production increase.
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