Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 4
Friday’s cattle on feed report showed all categories below year ago levels. USDA ag attaché to S Africa says 10.4mmt prod vs last USDA guess of 11.5. Acres report is next week. China imported 602tmt in February. Funds short 46,300 contracts.
Beans as of 7:45- Up 8
Brazil harvest is estimated near 60% complete. Brazil load out lineup continues to grow, currently estimated at 9.5mmt waiting to load. China’s Feb imports were 4.26mmt, down 11% from last year
Wheat as if 7:45-MW Up5 KC Down Up 6
Weather takes center stage with US central plains remaining dry and on the cusp of a drought. Lack of rain threatens early season development and crop loss.EU crop monitoring service MARS says yields are likely to drop 45.0% from last year.