Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 6
Ethanol grind: 984,000 barrels per day for week end July 10--down 3 thou v. last week but 4.3% higher vs. last year. Warmer and drier 8/14 day forecast makes some traders nervous about pollination. Export Sales to be released this morning. Trade expects 13 to 21 mbu old-crop corn, 6-12 new-crop.
Beans as of 7:45 Up 6
Export Sales to be released this morning. Trade expects soybeans, -2 to +6 mbu old-crop, 7-15 new-crop; soymeal, 50-150 old-crop, 75-150 new-crop; soyoil, 0-10 old-crop, 0-5 new-crop. NOPA June crush at 142.5 mbu looks neutral v. avg. guess of 142.2; implied domestic soybean meal use appears to be up 14% v. last year. The year-to-date total is up 7%, which is ahead of the USDA estimate.
Wheat as of 7:45 MW-Up 6 KC Up 4
Japan bought 76tmt US. 35.2tmt Canada and 26.9tmt for Ausie in its weekly food tender. Strategie Grains lowered their EU soft wheat prod .7mmt from its last guess to 140.9mmtExport Sales to be released this morning. Trade expects 11 to 18 mbu for 15/16 all wheat.Reports regarding the generally poor quality of the U.S. Midwest soft red winter wheat crop continue to be noted. Rumors of Black Sea feed wheat working into France with French wheat crop reportedly being better milling quality this year.