Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 3
China stockpiling policy has been successful as state owned reserves balloon to an all time record. Export sales released this morning with 850tmt to 1.2mmt estimated. Increasing ethanol stocks is seen as a sign of poor demand. Brazil values of ethanol continue to increase which should enable US ethanol to gain more market share in world ethanol trade.
Beans as of 7:45- Up 4
Export sales released this morning with estimates from 200-400tmt of beans. Ag Rural says dues to excessive temps and lack of rain in Brazil 3-5mmt prod has already been lost.
Wheat as if 7:45-MW Unchanged KC Down Unchanged
French port of Rouen ships first boat of soft wheat to Mexico since April 2012. . European feed wheat continues to actively trade into Asia. Ukraine’s Ag Ministry is estimating that 72% of Ukraine’s winter crop is currently in good condition. HRW sales continue to disappoint with only 71% of annual exports the lowest since the 1980’s. Actual shipments are 136 mbu behind last year’s shipments.