Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 2
U.S. corn balance sheet; 14/15 carryout down 16 mbu v. last week, 1.830 bbu; 15/16 dn 219, 1.505 bbu U.S. sorghum balance sheet; 14/15 carryout steady at 38 mbu; 15/16 down 4 at 66 mbu. USDA Crop Progress pegs Good/Excellent corn crop ratings steady at 69%.Argentina authorized more corn exports, China remains oversupplied with corn.
Soybeans as of 7:45-Up 4
As expected the USDA dropped conditions 1% to 62% g/e. India plants soybeans, rains are needed. India is a big producer of meal in the world. U.S. soybean balance sheet; 14/15 carryout unchanged at 261; 15/16 down 9 million to 250 mbu. Missouri reports bean planting at 80% complete.
Wheat as of 7:45-Unchanged
USDA Crop Progress pegs Good/Excellent spring wheat crop ratings up one point at 71%; ATI crop estimate, 563 mbu . USDA Crop Progress, winter wheat harvest: 65% vs. 67% last year and the avg. of 68%. Midwest SRW progress lagging U.S. SRW wheat balance sheet, 15/16 carryout down 21 mbu from last week to 165 mbu. Rains in Russia have slowed harvest. Japan tendered for 75.6tmt US, 35.2tmt Canada and 26.9tmt Aussie food grade wheat.