On the Grains Welcome to Friday’s edition of the Commstock report. What a week it’s been. Most of the action has been in the cattle trade, yet grains have also provided some spark. The Rosario Grain Exchange confirmed that Tuesday and Wednesday rain benefited crops in the central growing area. Export sales, released yesterday, continue to support corn as sales were 58.2 MBU, up from last week’s 53.5 MBU and the last 4-week average of 54.3 MBU, crushing last year’s 45.6 MBU. While some have continued to say that Mexico’s purchases are front-loaded, and looking at the chart, it could be. However, they did have the worst drought in 500 years. Total corn sales to Mexico stand at 16.4 MMT vs last year’s 15.8 MMT. I would say that price had more to do with Mexico’s frontloading and the need to replace bushels that were not grown domestically vs. tariffs. The September lows offered a good spot to get long corn for them. Also, to back up that theory, Mexico removed the ban on accepting GMO corn from the United States. This content is for members only.Register Already a member? Log in here
Read More