The USDA Quarterly Stocks report held a small surprise in the soybean data on Wednesday. Some analysts were predicting that soybean stocks would fall below 100 million bushels to end the 2008/09 marketing year.
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Weekly soybean export sales were well over the highest pre-report estimate by the trade of 36.7 million bushels with 50.9 million bushels booked for the week ending September 24. This exceeds the 12.0 million bushels needed for the week to reach the USDA target of 1.28 billion bushels.
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Exports Recap
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Price enthusiasm whether cash or futures is tempered as we grind our way into a fresh harvest, but the industry has to respect the fact corn use of 2.587 billion bushels is first and foremost a record. Never before has corn use achieved the level set as well as bettering the most recent three year average for the fourth quarter of 2.343 billion bushels and five year average of 2.249 billion bushels.
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More From Joe Victor
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Ethanol production for July set a new monthly production record at 22,577 thousand barrels, which equates to just under one billion gallons of ethanol produced for the month. This is an increase in production of 19% from July 2007.
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Allendale speakers are the best in the industry. Rated highly by national, state and regional organizations, our professional speakers provide your group with high quality computer graphic presentations that include topics such as "How to Merchandize your
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