General: Corn and soybean prices trended between 0.75% and 1% higher today. A broad range of other commodities also moved higher today, including livestock, energy and stock prices.
USDA’s Export Sales data showed 352,784 MT of soybeans booked on the week ending 12/17. That was below trade estimates and a MY low. Accumulated soybean commitments are 1.99 billion bushels, or 90.4% of the WASDE forecast. For soymeal, USDA reported 223,727 MT booked. That was in line with estimates and up 62.2% yr/yr.
The weekly Export Sales report showed 651,102 MT of bookings. That was in line with estimates, but a marketing year low. There were no new crop bookings reported on the week. Total 20/21 commitments are 1.66 bbu, or 62.7% of the USDA forecast. Accumulated 21/22 forward bookings are 29.8 mbu. USDA reported 64,299 MT of sorghum sales on the week ending 12/17, which was the 4th lowest week of the MY. The weekly EIA report showed a 19k bpd increase in weekly production with ethanol plants averaging 976k bpd. Stocks grew another 219k barrels to 23.169 million. Jan ethanol futures were UNCH at $1.325/gallon.
The USDA Export Sales report showed wheat bookings were on the low end of estimates with 393,686 MT booked. That was down 27% wk/wk and 45% below sales from the same week last year. Accumulated commitments are 736.4k bushels, which is 74% of the USDA full year export forecast. Bangladesh is tendering for 50k MT of optional origin wheat.
PRICE MOVEMENT ON CBOT DEC 23