Morning Market Insight
Grain Marketing Specialist
Corn/Milo as of 7:45- Up 1
Funds were sellers of 9,000 contracts yesterday. Harvest progress came in at 85% complete up 10% from last week and 6% above the 5 year average. Cordonieer left his Brazil production estimate unchanged at 81.2mmt and Argentina at 21.6mmt. Argentina is at 34% planted. Some private guesses for next week’s USDA report have corn yield pegged at 168 bushels per acre. USDA’s monthly grain crush report for September showed 427.5mb vs 446.8 in August ground for ethanol.
Soybeans as of 7:45-Unchanged
Better than expected exports yesterday with 94 million bushels being exported. As of this year, export inspections are @ 441mil bushels total vs 404milbu last year. Soybean harvest came in at 92% this week vs. 87% last week and 88% on average. Cordonieer pegs Argentina production at 58.0mmt and Brazil at 100mmt, both unchanged. Some private guesses for USDA report next Tuesday at 47.5 bushels per acre.
Wheat as of 7:45-MW-Unchanged KC Up 1
Yesterday funds were estimated sellers of 8500 contracts on the day. Export inspections of 6.3 were well below the 17.2mbu needed to reach USDA’s annual export projection. Much of Ukrainian wheat territory is starting the winter season drier than normal. US winter wheat crop received recent rains and that gave a small bump to winter wheat condition ratings with overall now at 49% good to excellent, up from 47%.