Morning Market Insight
Grain Marketing Specialist
Corn/Milo as of 7:45- Down 2
Export Sales to be released this morning trade expects 18-26 mbu for 15/16 corn. U.S. sorghum export inspections over the next month of expected to average 7-8 mbu per week, which is up 2 ½ to 3 million from last year’s pace. At least 2.00” of rain is forecast to impact recently planted corn in south Brazil the next 10 days. Ethanol grind: 969,000 barrels per day for week end Oct. 30—up 2.6% vs. last week and 4.3% higher vs. a year ago. Ethanol stocks were up to 18.8k barrels vs. 18.3 the previous week. U.S. exports during the remainder of November are forecast at 18-20milbu per week, which is down from the 34milbu+ over the same period last year.
Soybeans as of 7:45- Down 5
Export sales out this morning trade expects 51-66 mbu for 15/16 soybeans. Argentina farmer is sitting on lots of soybeans waiting for upcoming election.
Wheat as of 7:45-MW- Down 5 KC Down 5
Export sales this morning trade expects 11-18 mbu for 15/16 all wheat.
US continue to receive rain across many winter wheat growing regions. Japan bought 48.7tmt US wheat, 55tmt from Canada and 25tmt for Australia. There are fears of Russia being too dry.