Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 2
U.S. corn exports forecast at 36-38 mbu/week the next month very little changed from last year. The potential exists for a reduction in 2015 U.S. harvested corn acreage to 80.6 million acres due to prevent plant and drown-out. This is approximately 500,000 acres lower than the latest USDA estimate of 81.1. Ethanol margins: $0.12 per gallon--down vs. $0.19 last week and below $0.93 last year. China’s pork production is down 4.9% from a year ago. Weather forecast on the 6/10 and 8/14 day show a warmer and drier weather pattern-viewed as favorable.
Soybeans as of 7:45-Down 7
NOPA crush is out this morning 141.5mb is expected. The oil world suggests China may import 9.2-9.5mmt in July. U.S. near-term soybean exports through the remainder of summer are estimated at 6-7 mbu per week. Potential exists for a reduction in 2015 U.S. harvested soybean acreage to 82.5 million acres due to prevent plant and drown-out. This is approximately 1.9 million acres lower than latest USDA estimate of 84.4
Wheat as of 7:45-MW-Down 2 KC Down 5
Near-term exports of U.S. all wheat are forecast to continue to range from 10-15 mbu per week. On Tuesday, Egypt bought 120,000 MT of wheat from Russia and 115,000 MT from Romania. China’s national Bureau of Statistics is reporting record summer grain production.