Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Mostly lower overnight as CZ posts a new contract low of $3.18 ½, with many “experts” predicting sub $3.00 ahead. USDA crop production on October 10, an increase in yield and carryout is expected. Above to much-above normal precipitation for much of the Corn Belt is expected for next few weeks. Brazil remains low price origin for world corn exports at $152, $18 per MT ($0.46/bu) below the U.S.
Beans as of 7:45- Down 3
Brazil weather has generally been favorable for early soybean planting; 2% planted v. 1% avg. SX contract low is $9.05 we traded within 2 cents last night. Above average yields in many areas. Brazil production estimates go up every time there is a new guess.
Wheat as if 7:45-MW down 4 KC down 4
New contract lows in KC and MGEx during the overnight session. North Dakota wheat farmer had 270mb on farm vs 158mb a year ago. Harvest was later this year so how much wheat do they really have out there? Rains moving across country are good for winter wheat start. Recent heavy rainfall in wheat producing areas of South Brazil is likely deteriorating crop quality.