Morning Market Insight
Grain Marketing Specialist
Corn/Milo as of 7:45- Down 2
Export sales 21.9mbu vs. 30. That’s down 22% from the previous week but is up 7% from the prior 4-week average. Year-to-date sales are 32% below last year. Milo sales 6 mbu vs. 6. Argentina presidential candidate Macri has said he will reduce corn export tax if elected. USDA report on Nov 10 with yield guesses 167.2 to 168.4bpa. Argentina corn planting at 35.9% complete.
Soybeans as of 7:45- Down 2
Export sales were disappointing @ 24.1 mbu, well under the 51-66 mbu market expectations. That’s down 69% from last year and 61% below the 4-week average. Year-to-date sales are 21% below last year. Brazil weather is favorable.
Wheat as of 7:45-MW- Down 3 KC Down 3
Export sales were just over 3 mbu versus the trade guesses of 11 to 18 mbu. That’s down 85% vs. last week and 80% below the prior 4-week average. Year-to-date sales are 472 mbu vs. 566 last year down 17%. U.S. HRW wheat in the central and southern Plains remains mostly dry the next 7-10 days.