Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45-Down 1
U.S. corn balance sheet; 15/16 carryout forecast at 1.850 bbu; 16/17 carry-out projected at 1.895 bbu. U.S. sorghum balance sheet; 15/16 carryout forecast at 40 mbu; 16/17 carry-out pegged at 40 mbu. Corn production estimate for Argentina has been increased 1.4 MMT to 25.0 million as recent heavy rain was especially beneficial for the late planted crop that is now pollinating. Year-to-date U.S. corn exports of 552 mbu down 19 vs. last year. The 2016 base crop insurance price average of December 2016 corn futures from Feb. 1-22 is $3.8767
Beans as of 7:45- Down 5
U.S. soybean balance sheet; 15/16 carryout pegged at 469 mbu; 16/17 carry-out estimated at 525 mbu. Export inspections: Year-to-date U.S. soybean exports of 1374 mbu down 9% v. last year. Soybean production estimate for Brazil has been increased 1.0 MMT to 99.0 million The 2016 base crop insurance price average of November 2016 soybean futures from Feb. 1-22 is $8.8725
Wheat as of 7:45: MN Up 1 KC Down 1
Export inspections: Year-to-date U.S. wheat exports of 529 mbu down 13% from last year.
Ukraine Ag Consult estimates Ukraine winter wheat production to be down to 17.3mmt from 24.75mmt Last year. USDA is at 27.25mmt. France stocks are the biggest in 17 years.