Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 2
December 2016 corn futures closed at $3.96 ½ yesterday. The highest settlement price for the contract since December 18, 2015. U.S. corn exports over the near term should average in the 40-45 mbu per week. Brazil corn crop estimate lowered 1.0 MMT to 82.0 MMT due to dryness in double crop areas. Ethanol margins: $0.19 per gallon down from $0.21 last week &well below $0.60 last year.
Beans as of 7:45-Down 4
November 2016 soybean futures closed at $9.96 yesterday. The highest settlement price for the contract since January 7, 2015. U.S. soybean exports are expected to average 8-12 mbu per week. Argentina soybean crop estimated lowered 1.5 MMT to 59.0 MMT as heavy rain and flooding over the past two weeks have taken a toll on the crop in eastern areas of the country.
Wheat as of 7:45: MN Unchanged KC Up 2
U.S. all wheat exports forecast to continue to range from 12-16 mbu per week. Additional rains could affect already wet U.S. HRW wheat starting early next week. Stats Can is out tomorrow with planting intentions of 23.1million acres expected vs 24.1 last year