Written Commentary
Weekly Export Sales Estimates (MT)
| Sales 24/25 | Est Range | Sales 25/26 | Est Range |
Wheat | _______ | (200K)-100K | _______ | 300K-700K |
Corn | _______ | 700K-1.6M | _______ | 50K-500K |
Beans | _______ | 100K-300K | _______ | 90K-400K |
Meal | _______ | 100K-400K | _______ | 0-50K |
Soyoil | _______ | 0-22K | _______ | 0-10K |
EIA Weekly Ethanol Production
For week ending 05/16/2025
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EIA Weekly Ethanol Stocks
Ethanol Stocks were lower last week to hit a 19 week low at 24.944 million barrels. Still, much higher than the 5-year average of 22.6M barrels and marking an ATH for this week of the year.
EIA Weekly Implied Corn Usage
CALENDAR SPREAD
Spread | Last | Chg | Full | % of FC |
CN25/CU25 | 18 1/4 | -1 |
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CU25/CZ25 | -12 3/4 | +1/2 | -31 1/4 | 41% |
SN25/SQ25 | 3 3/4 | +1 |
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SQ25/SX25 | 6 3/4 | -2 1/2 |
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SN25/SX25 | 10 1/2 | -1 1/2 |
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MWN25/MWU25 | -12 3/4 | – 1/4 | -20 3/4 | 61% |
WN25/WU25 | -14 1/2 | – 3/4 | -16 1/4 | 89% |
KWN25/KWU25 | -14 1/4 | – 1/2 | -16 | 89% |
COST OF CARRY
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
Futures Settlements & Technicals
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