Morning Market Insight
Grain Marketing Specialist
Corn/Milo as of 7:45- Down 2
Export Inspections released at 10 AM Corn, 37.8 needed; 16.3 last week; Sorghum, 8.1 needed; 8.1 last week. U.S. corn harvest progress for the week ending Nov. 1 is projected at 80-82%. That’s sharply above last year’s 62% and is also higher than the five-year average of approximately 79%U.S. sorghum harvest progress for week end Nov. 1 est. at 81-83% v. 64% last year & 72% avg. Slight gains were seen in cash ethanol markets on Friday.
Soybeans as of 7:45-Unchanged
U.S. soybean harvest progress for week end Nov. 1 est. at 92-94% v. 81% last year & 88% avg.
Export Inspections released at 10 AM CST; Soybeans, 30.1 needed; 98.1 last week. Brazil planting estimated near 31-37%. Rains forecast for most of Brazil which should lead to more acres planted because of increase soil moisture.
Wheat as of 7:45-MW-Down 4 KC Down 3
U.S. winter wheat planting progress for week ending Nov. 1 is projected at 87-89% vs. 90% avg.
Export Inspections released at 10 AM CST; Wheat, 16.9 needed; 11.7 last week. US winter wheat is in pretty good shape with ample moisture. Argentina wheat harvest has begun. Russia at 81% seeded with time running out.