Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 1
Corn came off the three day weekend with a higher close, Dec closing 5 1/4 higher at $3.68 1/4 , 1/4 cent off the day's high. Markets started off higher Monday night as a combination of firmer global equity markets, concern over recent heat/dry weather on the tail end of crop maturity, and disappointing yield reports coming in on the little that's been harvested. U.S. corn balance sheet; 14/15 carryout down 17 mbu to 1.738 bbu due to increase in exports; 15/16 up 82 to 1.642 bbu as reduction in exports and food, seed and industrial usage more than offset slightly smaller crop. U.S. sorghum balance sheet; 14/15 carryout steady at 19 mbu; 15/16 unchanged at 66 million.
USDA report Friday with many expecting lower yield with the wild card wild being what the USDA does to demand.
Beans as of 7:45- Up 3
Beans traded higher all session yesterday with November closing up 12 ¾ @ $8.79 ¾. Crop conditions were steady at 63% G/E. Beans dropping leaves nationally @ 18% vs 5-year average @ 16%. ND and SD leading the way @ 44% and 33% dropping leaves.
Wheat as if 7:45-MW Up 3 KC Up 2
Crop progress showed spring wheat 95% harvested and the first planting percent for winter wheat at 3% planted vs. 3% LY and 3% 5-yr average. Russia is 30% planted .Canadian winter wheat is 72% harvested, durum 15.8%, and spring 8.1% with yields said to be improving across most regions. U.S. HRW wheat balance sheet, 15/16 carryout at 386 mbu vs. 294 million for 14/15