Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
4-week corn export sales average of 44 per week is a 7-year seasonal high, almost doubles the pace of the past 5 years. Milo sales continue at a record pace as well, averaging nearly 10 mbu per week the past month with a previous high 7.0mbu in 99/00. South Africa yellow corn planting up 2.8% from last year.
Beans as of 7:45- Unchanged
Brazil harvest pace picks up and reports to this point are pretty decent. SH15 closed at $9.68 ¼ yesterday; previous low was $9.60 ¼ on October 20th.Soybean export sales lifts 4-week average to 27 million, 9 greater than LY and 4 million above the 5-year average. Soybean meal exports averaging 309 K MT the past month, down 11 from last year.
Wheat as if 7:45-MW Up2 KC Down Up 3
U.S. attache in Australia pegs wheat crop there a 23.2 MMT, 800 K below the January WASDE estimate. Kazakhstan cut their grain harvest estimates 1.0 to 17.2 MMT due to heavy rains and early snow. Saudi Arabia is tendering for 660kmt of hard wheat. Russia’s state run grain company sold 30kmt of wheat to Nigeria.