Morning Market Insight
Grain Marketing Specialist
Active weather pattern with above average moisture for the next 7 days
Corn as of 7:45- Up 3
China will offer 5.32mmt of corn from state reserves this week. Last week they sold 429tmt of 3.84mmt offered. Open interest on Friday increased by 11,560 contracts. Bird Flu cases continue to climb. Cold temps and snow across parts of the US threaten the newly planted crop. USDA Crop Progress: Estimates have U.S. corn planting pegged at 85-90% vs. approx. 71% last year and the five-year average of approx. 75%.U.S. corn emergence est. at 45-50% vs. approx. 32% last year & the 5-year avg. of approx. 40%
Beans as of 7:45- Up 6
Soybeans expected to be 50-55% planted on this afternoon’s report. What effects will bird flu have on bean meal? Export Inspections released at 10 AM CDT; Soybeans, 6.3 needed; 9.7 last week.
Wheat as if 7:45-MW Up 8 KC Up 10
U.S. spring wheat planting est. at 90-95% vs. approx. 47% last year & 5-year avg. of approx. 65%
Export Inspections released at 10 AM CST; Wheat, 24.0 needed; 13.9 last week. Cold temps and snow cover threaten some of the newly planted sp wheat crop as well as the winter wheat crop. Some areas of wheat also dealing with excessive moisture.