Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45-Unchanged
Export inspections came in yesterday on the low side of expectations @ 22.5 million bushels with 22-27 million bushels expected. Corn hits another contract low @ 3.60 March 16 Futures on the overnight. U.S. corn balance sheet for 15/16 carryout unchanged at 1.838 billion bushels; 16/17 carry-out steady at 1.720 billion bushels. U.S. sorghum balance sheet for 15/16 carryout unchanged at 52 million bushels 16/17 carry-out steady at 58 million bushels. Heavy rains in southern Brazil delayed soybean planting but the rains have actually been beneficial for the full-season corn crop. Widespread above-normal rain affects Argentina through the next two weeks, reducing heat on their corn crop. Year-to-date U.S. corn exports of 359 million bushels are down 21% vs. last year’s 457 million.
Beans as of 7:45- Up 10
U.S. soybean balance sheet for 15/16 carryout unchanged at 510 million bushels; 16/17 carry-out steady at 388 million bushels. Year-to-date U.S. soybean exports of 958 million bushels are down 11% vs. last year’s 1081 million bushels. If heavy rains forecast for driest soybean areas of Brazil materialize in early January, they will be sitting good for quite some time. If the rains do not develop, yield should be impacted greatly.
Wheat as of 7:45: MN Up 3 KC Up 4
U.S. wheat exports of 432 million bushels are down 13% from last year’s 496 million bushel total. Colder temps are forecast for the next 7-10 days, but U.S. wheat winter kill is unlikely in snow-free areas.