Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Yesterday weekly corn sales came in bigger than expected at 35.8 mil bu bringing crop year sales up to 812 mil bu which is 130 million less than last yr as this time. Shipments are lower due to the fact that most ports are loading out beans. Cattle on feed report out after the close today. EPA biofuels mandate/announcement expected any day.
Beans as of 7:45- Up 5
Outstanding U.S. soybean export sales as of Nov. 13: 789 mbu vs. 802 mbu last year and the 5-year average of 610 mbu. Upcoming rain for key South American soybeans and prevents dryness from being an issue into early December. China is still hungry for more beans.
Wheat as if 7:45-MW Down 1 KC Down 1
Drought to persist or intensify for portion of Southern Plains through February. Outstanding U.S. wheat export sales as of Nov. 13: 188 mbu vs. 191 mbu last year and the 5-year avg. of 193 mbu. World wheat buyers still has many choices with plenty of wheat around the world. Kansas City Wheat Futures running into resistance @ $6.00 dollars.