Morning Market Insight
Grain Marketing Specialist
Corn as of 6:30- Up 5
Excellent crop condition ratings for U.S. corn could be 1-2 points lower vs. last week’s 68%. Ratings for the same week last year were 74%. The 5-year average for corn mature is approximately 26% . Weather over the past week was not good for the U.S. corn crop in the eastern Corn Belt. China’s CNGOIC cuts their corn prod to 229mmt , down 3mmt they are claiming drought in NE China and would still be record production.
Beans as of 7:45- Up 8
Excellent crop condition ratings for U.S. soybeans could be 1-2 points lower vs. last week’s 63%. Ratings for same week last year were 72%. The 5-year average for soybeans dropping leaves is approximately 16%. USDA office in Beijing expects China imports to not be quite as high as current USDA projections.
China’s Aug imports were a 7.78mmt down 18.1% from July but up 29% from last year.
Wheat as if 7:45-MW Up 5 KC Up 5
Spring wheat harvest estimates at 90-95% vs. approx. 55% last year & approximately 75% for 5-year average. Export Inspections released at 10 AM CST; Wheat, 19.0 needed; 22.1 last week. Australia increased its wheat production estimate after big rains this winter boosted the outlook for yields in key growing regions. Output may total 25.3 million metric tons in 2015-16 from 23.6 million tons forecast in June, the Australian Bureau of Agricultural & Resource Economics & Sciences said in a report. The crop was 23.7 million tons a year earlier. Ukraine has record wheat exports in August.