Grains are higher because of Export Sales
The grains are recovering some of Wednesday's losses today. Corn is up five or six, beans up eight or nine and wheat up one to two. The corn Export sales report this morning was a shocker at 1.943 MMT while the trade expected 550 to 750MMT. I heard Wednesday that corn was cheaper here than anywhere else in the world. That apparently was shown in the export sales report. Beans had a good number too at 866 MMT and wheat at 797 MMT. It also helps today that the stock market is higher. Still no official word on bean cancelations from China. There is no doubt that some bean sales will have to be shifted to South America because we will be down to under a 100 million bushel carryout with the beans we have sold. The USDA says we need a 130 million bushel carryout to keep the pipeline full.