Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 1
China’s CNGOIC says China’s sorghum imports will be a record 9mmt. Ukraine has exported 15.9mmt of corn since July 1. US growing conditions mostly favorable though some southern growing regions are too wet. Lanworth satellite estimates 89.5 million US acres of corn . Export sales are estimated at 450 to 800tmt for the week.
Soybeans as of 7:45-Up 1
Export sales estimates for the week 250 to 600tmt, meal 50 to 200, oil 0 to 25tmt. Argentina deals with labor strikes and ships running aground-both disrupt vessel loadings. US planting and conditions for soybeans remain quite favorable. Lanworth satellite estimates 85.6 million of beans.
Wheat as of 7:45-MW-Up 3 KC-Up3
Southern US growing regions remain soggy, lending support, as quality issues become a concern. Lanworth satellite estimates Russia production at 60.7mmt, Ukraine at 23.2mmt. Very little news on the wheat side.