Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Hog report expected to show evidence of expansion creating more feed demand. Weekly export sales of 435tmt yesterday down 13% from last week and down 29% from the 4 week average. South American crop looks to be growing in favorable conditions. US planting conditions are behind across the South because of wet weather but many other areas are optimistic of an early start.
Beans as of 7:45- Down 3
Weekly export sales were 506tmt and meal was 224tmt, both well above the weekly amount needed. Brazil truckers were meeting with officials yesterday on the potential for additional blockades. Chinese crush margins reported lower. World supplies get larger giving China options. A bird flu case has been found in a wild goose in Wyoming.
Wheat as if 7:45-MW Up 3 KC Up 2
Talk that Russia’s crop may be larger than previous estimates continues to pressure the market. Russia may not extend the export tax beyond June. US HRW areas may receive some rain, but overall HRW is grown in the driest parts of the US year after year. Spring wheat seeding is starting to pick up.