Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Export Inspections released at 10 AM; Corn, 41.6 needed; 44.2 last week. Milo—3.5 needed; 7.1 last week. USDA Crop Progress report this afternoon could show U.S. corn planting as of April 17 at 12-14% vs. approximately 7% last year & 5-year average of approximately 8%, due to warm & dry weather over the weekend across the central Corn Belt
Beans as of 7:45-Up 3
Export Inspections released at 10 AM; Soybeans, 8.0 needed; 14.2 last week. Some rain affected eastern Argentina over the weekend, but most soybean areas were drier than expected with heavy precipitation focused just east of key areas. More rain is forecasted for soybean areas this week. Non-Commercial long soybean futures only positions increase 25,784 contracts.
Wheat as of 7:45: MN Unchanged KC Up 1
Winter wheat areas receive rain this past weekend. Chicago funds short a record 152,000 contracts. Ukraine’s Wheat Crop Pegged at 19.3MMT vs. 18.9 LM on improved weather. Iran Expects Bumper Wheat Crop of 10M Tons This Year.