TFM Midday Update 9-23-2021

CORN

Dec up 2 @ 5.27
The Chinese government has asked local officials to prepare for the eventual fail of massive real-estate corporation Evergrande, which could have ripple effects on the grain markets
Ethanol production fell 11,000 bpd last week to 926,000 bpd (ethanol production margins remain strong)
Weekly ethanol stocks rose 101,000 barrels to 20.111 million barrels – just above the lowest mid-September level since 2014
USDA reported an increase of 14.7 mb of corn export sales
January corn on China’s Dalian exchange is around the equivalent of $9.73 per bushel

Nov unchanged @ 12.83
A bullish divergence in stochastics may suggest November soybeans could see a rally
Weather forecasts remain beneficial for harvest in the Midwest
Brazil’s forecast remains mostly dry as plantings begin
USDA reported an increase of 33.2 mb of soybean export sales
November soybeans on China’s Dalian exchange are around the equivalent of 19.76 per bushel

Dec wheat up 12 @ 7.18, Dec KC up 12 @ 7.18, Dec MNPLS up 13 @ 9.16
Talk yesterday that Russia, on January 1, might start quota rationing of their wheat exports
Europe has quite a bit less milling wheat this year than normal
Wheat is trying to put some premium into the marketplace to try to buy acres
We get the stocks report on September 30^th – we will see where wheat stocks are (as far as on farm or off farm)
World wheat supplies for export are at their lowest level in 8 years
USDA reported an increase of 13.1 mb of wheat export sales

Brandon Doherty