Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Unchanged
Dollar is lower this morning giving support to corn. Brazil farmers appear to have planted some last minute double-crop corn due to the weaker Brazilian currency. Negativity on the export side revisions in Mexico’s corn crop from 23 to 24 mmt, lowered their corn import forecast 35 mbu to 10 MMT total, higher South African corn stocks helping buffer against their short crop harvested in a few month, and China supposedly talking about sourcing corn out of African nations long term. Vermont Senator Welch introduces a bill to abolish the federal mandate that requires blending ethanol. Average acres guess for next Tuesday is 88.7 million. Stocks at 7.61bb.
Soybeans as of 7:45- Unchanged
Beans are pressured by the large crop in South America getting larger competing for export business globally. Soybean harvest in the largest producing state, Mato Grosso, Brazil is approaching 90% complete. Rain remains limited for driest second-crop Argentina soybeans. USDA average trade guesses: 85.9 million acres, stocks at 1.35bb
Wheat as of 7:45- MN-Down 1 KC Down 3
Wheat remains tamed by forecasts for rains in the western HRW belt. USDA wheat crop ratings: Kansas, 41% Good/Excellent Oklahoma, 44% ; and Texas, 55%. Russia ag ministry revises lower its losses attributed to winterkill 16.8% vs 21% estimated earlier. Oman bought 60tmt from Russia, Iran bought 30tmt from Germany and 50tmt from the Black Sea.