Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 3
Heavy rains fell last month in Argentina, all key corn producing areas have been drier than average since then. Ethanol margins: $0.92 per gallon vs. $0.71 last week and $0.96 last year. A feed wheat boat is headed to US from EU.
Beans as of 7:45- Down 10
The U.S. continues to sell soybeans at what is close to being a record rate. The latest 4-week average of 56.7 million bushels is some 22 million above the 5-year average. Argentina soybean planting stands at 17% v. 12% last year and 25% avg.
Wheat as if 7:45-MW Down 3 KC Down 3
World weather seems non-threatening as the world has plentiful wheat supplies. Argentina and Australian farmers are harvesting, so world supplies get larger! U.S. hard red spring exports forecast at 285 mbu following recent uptick in sales activity.