Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 4
Corn was 85% planted nation-wide, at the lower end of estimates but 10 ahead of the 5-year and 14 above 2014. U.S. corn emergence came at 56%, versus 45-50% estimated and well ahead of last year’s 32% figure and the 5-year average of 40%. Export Inspections were delayed with expected release this morning: Corn, 43.2 needed; 44.7 last week. Milo—4.8 needed; 6.8 last week. CN resistance lies above at $3.79 ¼ and 3.80 ¾ support at 3.57 ¾ then 3.55 ¾. Overnight temps appear to have done little damage at this stage of crop growth.
Beans as of 7:45- Down 4
U.S. soybean plantings were 45%, versus 45-50% expected; 31% last year & the 5-year of 36%
Export Inspections delayed: Soybeans, 6.3 needed; 9.7 last week. Forecasted SBM exports from India are likely to be down almost 60% at 1.9 MMT this year and it looks as if China will ship about 15% less for a 1.7 MMT shortfall. Doubtful if Argentine producers will sell enough to make up the shortfall.
Wheat as if 7:45-MW Down 9 KC Down 9
U.S. spring wheat 94% planted versus 90-95% expected; 47% last year & 5-year of 65%Export Inspections delayed: Wheat, 24.0 needed; 13.9 last week. Texas and Oklahoma still have more rain in the forecast already too wet in most places. Japan tendered for 54.8tmt US milling wheat. How much winter wheat was affected by last night’s freeze? Temps will run a little cooler than average in the Midwest the next few days.