Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Corn closed higher yesterday after trading a 5-year low for nearby corn of 322 early in the session. This is only the fifth time in September that CZ14 has closed in positive territory. Funds bought an estimated 4,000 contracts of corn. USDA report at 11am central with Sep 1 stocks average guess is around 1.185bu. US dollar index is very firm adding pressure to corn overnight.
Beans as of 7:45- Down 5
The soybean market managed to start off the week on a positive note bouncing off the four-year lows. There was active harvest this past weekend and it seems to be gaining momentum every day. The USDA indicated that 10% of the crop is now harvested (5 year average is 17%).
Wheat as if 7:45-MW down 3 KC down 3
USDA says 43% of crop is seeded vs 36% average...and acres may be up from a year ago. UkrAgroConsult raises it Ukraine prod to 21.62mmt from 21mmt previously. Export inspections of 21.1 mbu were a touch higher than the estimates for 15-20 mbu. That brings the year to date total to 325 million which is down 34% from last year’s 497 mil at the same point in time.