Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Unchanged
Brazil plants its corn crop in pretty good conditions. The rain continues its move into the Eastern Corn Belt and another system seems to be developing along the IA, NE border disrupting harvesting. We continue to see private estimates get larger now seeing 178.4bp and 14.956bb. Ethanol grind of 881 thousand barrels per day for week end Sept 26—down 8 thousand vs. last week and up only 0.7% vs. last year
Beans as of 7:45- Down 1
Widespread frosts & freezes remain likely Friday and/or Saturday mornings across the Dakotas & Minnesota; 10% to 40% of soybeans in the Dakotas, Minnesota & Wisconsin were not dropping leaves as of Sept. 28. Nov. 2014 soybean futures closed at $9.16 ¾ Wed.; one year ago, the Nov. 2013 soybean contract closed at $12.68.
Wheat as if 7:45-MW up 4 KC up 6
South Brazil is too wet for wheat harvesting after receiving 150% to 300% of avg. rain last 30 days. Export Sales: Trade expecting 15-22mbu for all wheat. It appears that Russian wheat is priced out of world demand at least for now. Wheat production in South Dakota this year is up 69 percent from 2013, to 131 million bushels. The Agriculture Department's small grain production report estimates winter wheat production in the state up 127 percent, spring wheat up 40 percent and durum wheat up 7 percent.