Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 5
A sharply warmer pattern begins late next week; maximums in 90s-100s for several days. December 2015 corn futures closed at $4.41 on Thursday—one year ago, December 2014 corn settled at $3.86 ¾. Combined old/new-crop unshipped corn export sales are 463 mbu, 14% or 77 mbu decline from 2014. Year-to-date 14/15 U.S. sorghum export sales: 330.7 mbu (94.5% of USDA est). Outstanding sales: 56 mbu v. 58 in ’14.
Beans as of 7:45 Down 6
November 2015 soybean futures closed at $10.11 Thursday—one year ago, November 2014 futures settled at $11.02. 4-week average for new-crop U.S. soybean export sales of 9.5 mbu/week is 50% of what is was last summer. Soybeans are under more stress than corn, especially in the saturated areas of the eastern Corn Belt.
Wheat as of 7:45 MW-Down 6 KC Down 4
Wheat futures were lower for most of Thursday’s trading session as the market struggles to find a demand point for US wheat. All three exchanges closed the day at or near session lows 5 to 8 cents weaker. Weekly export sales of 10.7 mbu were just shy of trade expectations. . Ukrainian and Russian wheat yields are generally 3 to 5% higher than last year, though with reduced acreage, overall production will be slightly less than last year. Ukraine Stats Service reporting that Ukrainian July 1 stocks are 13% higher than last year at 7.9 MMT