Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 1
Corn exports surprisingly strong 32 mbu for 14/15. 4-week seasonal sales of 28/week is 15% above average
Sorghum export sales of 4 mbu old crop and 10.7 new. China coming for new crop in a big way: 80 mbu total on the books against only 14 million this time last year.5 Year average increase in corn planting for Monday is 13%,; low 90’s seems more likely
Soybeans as of 7:45-Unchanged
Chinese crush margins continue to weaken. Soybean export sales: O/C mid-range at 6.1; 4-week ave of 10. N/C weak at 2.8 mbu with YTD sales for 15/16 down 50% from this time last year. Soybean meal exports mid-range at 103 K MT; 105 K 4-wk average 9% above 5 year pace; exports drop nearly 50% to 107 K and are well below the weekly rate of 195 K to keep pace with the USDA forecast
Wheat as of 7:45-MW-Up 3 KC-Up4
Wheat export sales: O/C at 2.7 exceeds trade range; N/C at 4.7 well short of trade; 116 mbu total 11% below last year. US weather also a concern with moisture in the forecast and starting to dampen some of the enthusiasm over the Texas crop with wheat ready to be harvested. Excessive rain has caused some issues, particularly in Eastern KS, but the offset with cool/wet conditions is an ideal filling period for the wheat. The Kansas crop setting the stage for a significant upward "surprise" in yields if the weather cooperates over the next 4 weeks.
The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.