Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 2
USDA pegs nationwide U.S. corn planting as of April 17 at 13% compared to 7% last year and the 5-year average of 8%. Sorghum planting pegged at 16% vs. 18% last year the 21% average.
U.S. corn balance sheet; 15/16 carryout estimate at 1.822 bbu; 16/17 carry-out estimate at 2.257 bbu. U.S. sorghum balance sheet; 15/16 carryout forecast at 65 mbu; 16/17 carry-out pegged at 88 mbu.
Dry/hot weather affect Brazil corn until at least Monday.
Beans as of 7:45-Up 7
U.S. soybean balance sheet; 15/16 carryout pegged at 434 mbu; 16/17 carry-out estimated at 549 mbu
In Argentina, heavy thunderstorms focus along the northern edge of concentrated soybean production this week witch should lead to a loss of some bean acres being too wet. Some rain occurs this weekend when a cool front passes, followed by a cooler & drier pattern.
Wheat as of 7:45: MN Up 3 KC Up 2
U.S. HRW wheat balance sheet; 15/16 carryout pegged at 425 mbu; 16/17 carry-out est. at 431mbu
Updated 2016 U.S. winter wheat production estimates (in mbu): HRW, 824; SRW, 362; and White, 215
Heavy rain broke drought across U.S. HRW wheat areas with the exception of Texas panhandle. Rain is likely to return to Plains April 25-26 with widespread coverage of 1.25”-2.50” into early May.