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ATAHK reads from Xinhua News that Chicago agricultural commodities rose across the board Wednesday on larger export sales expectations. For details, please refer to the following news from Xinhua News on September 24th:
The most active corn contract for December delivery rose 4 cents, or 1.23 percent, to close at 3.295 dollars per bushel. December wheat gained 4.25 cents, or 0.89 percent, to close at 4. 8025 dollars per bushel. November soybean climbed 0.5 cents, or 0. 05 percent, to close at 9.3675 dollars per bushel.
U.S. weekly export sales report is scheduled to be released Thursday. Market analysts estimated weekly corn sales at 600,000 to 800,000 tonnes, and wheat sales at 300,000 to 600,000 tonnes. The plunge in U.S. wheat prices has finally stimulated some modest export demand out of the Great Lakes region, where freight costs are more attractive and advantageous. There is also market talk of large U.S. soybean weekly export sales of 2 million tonnes or more.
Meanwhile, yield reports continued to be excellent, and the U.S. dollar is sharply higher.
Traders view the U.S. weekly ethanol report released Wednesday as slightly bearish. Production through the week ending Sept. 19 totaled 261 million gallons, down 5 percent from the prior week and some 15 million gallons below the pace needed to hit the target set by the U.S. Department of Agriculture. Weekly ethanol stocks fell one percent to 781 million gallons.
The weather forecast remains favorable over the next two weeks. Near to above normal temperatures and limited rainfall will help add yield to late maturing soybeans and corn in some Midwest states. Harvest operations have increased in the central Midwest.
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