Grain Marketing Specialist
USDA will be releasing WASDE information at 11 a.m. cst today
Corn: As of 7:45- 2-3 higher
Solid export inspections and a weak $ was not enough to keep corn positive yesterday as ideas of a warmer drier western corn belt forecast leading to planting progress. Export inspection at 44.2 mbu exceeding expectation of 31-38 and 36.5 needed weekly. Planting progress at 4% right in line with the 5 yr ave. US ending stocks expected to be 1.855 bbu and World stocks at 207.4 MMT both up from a month ago.
Soybeans: As of 7:45- 5-7 higher
NC Soybeans continue to gain on corn as the SX:CZ ratio closed a 2.55:1 yesterday. Soybeans continue to make its way higher on an influx of outside money and a softer dollar (dollar index below). Export inspections exceeding the amount needed weekly to meet expectations at 14.2 mb. USDA expected to drop ending stocks just slightly to 454 from 460 but still an adequate number.
Wheat: As of 7:45- 2-3 higher
Recent rain falls in Oklahoma and Kansas along with ideas of more on the way pressured wheat lower yesterday. Will the softer $ and US values start to make us more viable in the world market??? Export inspections at 12.5 mb, less than needed weekly. Winter wheat conditions down 3% g/e to 56% but still exceeding last yrs. 42%. Spring wheat planting progress pegged at 13% vs. 14% LY and a 5 yr. ave of 10%. Expectations for US ending stocks to inch closer to the 1 billion bu mark at .977.