Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 1
Export Inspections were solid yesterday morning, but that wasn’t enough to drive the market into the green. The Inspections report listed corn shipments at 34.9 mbu for the past week, beating out trade expectations of 24 - 30 mbu. U.S. Congressional Budget Office released their 2015 crop projections with production forecast came in at 13.496 bbu (14.2 bbu in 2014), on 89 million acres (90.6 mil in 2014). U.S. corn balance sheet; 14/15 carryout down 73 mbu compared to last week to 1.766 Bbu
Beans as of 7:45- Unchanged
Bean inspections were also on the firmer side of expectations at 55.9 mbu which was the same as last week. U.S. soybean exports forecast to average near 51 mbu per week for the up-coming 4-week period. Soybean balance sheet; 14/15 carryout unchanged at 400 mbu. SAFRAS called the Brazil total harvest at 3% vs the average of 2%.
Wheat as if 7:45-MW Unchanged KC Unchanged
The U.S. Congressional Budget Office estimated wheat plantings will slip 2% in 2015 to 55.5 million acres. U.S. HRS wheat balance sheet, 14/15 carryout at 212 mbu; 15/16 carryout is forecast at 227 mbu. Reports of winter wheat areas in Northern China are showing signs of drought