Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Unchanged
Base crop insurance pricing period for December 2016 corn futures will conclude February 29; average as of February 25 is $3.8692. U.S. corn export sales for the week ending February 18 of 36.8 mbu were down 11% from the previous week but up 10% from the prior 4-week average. Year-to-date sales are 1048 mbu vs. 1370 mbu last year down 24%. U.S. sorghum export sale week end February 18, 1.7mbu: Year-to-date sales-250 mbu-down 15% v. last year. USDA Outlook conference releases the first look at 2016/17 balance sheet with a 1.977bb corn carryout.
Beans as of 7:45-Up 1
Base crop insurance pricing period for November 2016 soybean futures will conclude February 29; average as of February 25 is $8.8614. U.S. soybean export sales for the week ending February 18 of 12.1 mbu were down 34% from the previous week and 23% from the prior 4-week average. Year-to-date sales are 1543 mbu vs. 1727 last year down 11%.Central Brazil expected to receive moderate to heavy rains in the next 4-5 days, leading to possible harvest disruptions. USDA Outlook conference says 2016/17 carryout at 440mb.
Wheat as of 7:45: MN Unchanged KC Unchanged
U.S. export sales of all wheat for the week ending February 18 of 14.3 mbu were up 53% from the previous week and 77% from the prior 4-week average. Year-to-date sales of 650 mbu vs. 784 last year down 17%. Rain possible next week for U.S. HRW wheat in Plains but chances decrease with westward extent. HRW areas remain warmer than normal.