Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
U.S. corn exports forecast at 36 mbu per week about 4 million below the 14/15 pace. Strong domestic market and decent weather for corn in Brazil making double cropping corn more attractive. Ethanol margins: $0.14 per gallon up from $0.11 last week but below $0.35 last year.
Beans as of 7:45-Down 2
U.S. weekly soybean exports are forecast at 36 mbu per week about 7 million more than last year. After several weeks of good rains, no longer any widespread concerns over dryness in Argentina soybeans. Near- or below-normal rain across northern Brazil the next 7-10 days supporting soybean harvest. Brazil harvest at 34% complete.
Wheat as of 7:45: MN Unchanged KC Down 1
Russia’s export tax on wheat could lead to more corn acres and less wheat acres. Kansas City Wheat futures approaching contract lows. Warmer than average temperatures will bring earlier development of winter wheat bringing worries of a potential freeze.