Morning Comments – May 10th

Headlines

  • Grains mixed in the overnight

  • Ethanol production climbs as stocks fall

  • Export sales miss the mark this week

  • WASDE Results Today at 11 am CST

Weekly Ethanol Production Climbs

Ethanol production increased this week to 1.040 million bpd, up from 1.032 million bpd LW. TW production was 3.4% above last year during the same week, while cumulative YTD ethanol production has averaged 2.3% above LY. U.S. Ethanol stocks declined to 21.964 million barrels from 22.142 million barrels LW. Stocks remain below LY by 4.7%.

Export Sales

Wheat, corn and soymeal all missed analyst estimates when it came to export sales this morning.  Old crop wheat sales were down 85% from LW. Old crop corn sales were down 32% from LW.  Soymeal reported a marketing year low, down 63% from LW.

Actual

Estimated

Last Week

Wheat-OC

35

0-350

234

Wheat-NC

48

200-350

210

Corn-OC

695

700-1,000

1,019

Corn-NC

90

50-300

49

Soybeans-OC

354

300-600

416

Soybeans-NC

278

100-300

469

Soymeal-OC

90

100-400

246

Soymeal-NC

-6

61

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