Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Unchanged
Export Sales to be released this morning trade expects 28-47 mbu for 15/16 corn. USDA Ag Outlook Forum to release estimate of 2016 U.S. corn acres; average trade guess, 89.7 vs. 88.0 in 2015. Harvest of full-season corn in Brazil is underway. Full season corn accounts for 33% of Brazils total corn crop. Ethanol grind was 994,000 barrels/day for week end Feb. 19—up 1.9% vs. last week and 5.0% higher vs. last year. Temperatures average below-normal for filling corn in Argentina over the next 10 days. China’s ethanol imports between September and December were more than the combined volume in past 10 yrs, partly due to cheap U.S. ethanol prices. World trade of ethanol in 2015 totaled 7.4b liters; U.S. accounted for 45% with Brazil accounting for 25%.
Beans as of 7:45-Up 2
Export sales to be released this morning. Trade expects 11-26 mbu for 15/16 soybeans; soymeal, 100-250 K MT; and soyoil, 5-20 K MT. USDA Ag Outlook Forum to release estimate of ‘16 U.S. soybean acre; avg. trade guess, 83.3 vs. 82.7 in ’15. U.S. weekly soybean meal exports forecast at 190-195 K MT, down from 244 K last year. Most harvest reports are favorable with very decent yields reported in South America. Paranagua port has boat wait times at 50-60 days vs 20 last year.
Wheat as of 7:45: MN Up 2 KC Up 2
Export sale to be released this morning. Trade expects 7-15 mbu for 15/16 all wheat. The UK government has upped its idea of UK wheat supplies, and trimmed demand, which leave end stocks even larger than expected. KC futures sees contract lows yesterday.