Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 2
Harvest progress at 89% complete leaves almost 1.6bb yet to combine. Large spec funds are still long an estimated 151,000 contracts. 2014/15 full-season corn planting in Brazil is 67% complete vs. 75% last year and the 74% average. December ethanol futures are at a premium to nearby unleaded futures.
Beans as of 7:45- Up 1
U.S. soybean harvest pegged at 94% vs. 90% last week, 94% last year and the 5-year average of 96%. 2014/15 Brazil soybean planting is 63% complete vs. 69% last year and the 63% average . Strong NOPA crush yesterday, strong weekly export inspections may give us some follow through strength.
Wheat as if 7:45-MW Down 2 KC Down 2
The world has plenty of wheat and US only seems to get routine demand. Russia still seems to be in troop buildup mode in Ukraine-according to NATO. U.S. winter wheat planted, 95% vs. the 5-year average 97%.; emergence at 87% vs. of 84% average. Wheat quality in Southern Brazil very poor due to heavy rains & high temps during growing season.