04/21/16
Morning Market Insight
Cutter Murray
Grain Marketing Specialist


Corn as of 7:45- Up 1

December 2016 corn futures closed yesterday at $4.02 ¾ the first time the contract settled above $4.00 since December 4, 2015. Export sales to be released this morning. Trade expects 35-47 mbu for 15/16 corn. Dry and hot weather forecasted across Brazil’s winter corn belt through at least Sunday. A strong cool front breaks the heat wave Monday and Tuesday producing 1.00”-2.00” of rain across 30% of winter corn production in Brazil. Ethanol grind: 939,000 barrels/day for week end April 15—up 0.1% vs. last week and 1.0% higher vs. last year.

Beans as of 7:45-Up 10

May 2016 soybean futures closed yesterday at $10.09 ¾--1st time nearby futures settled above $10.00 since August 11, 2015.Export sales out this morning trade expects 7-18 mbu for 15/16 soybeans; soymeal, 100-300 K MT; and soyoil, 0-20 K MT. U.S. soybean meal exports are forecast to average 150-175 K MT per week near-term. Another 1.00"-4.00" of rain affects wettest Argentina soybean over the next week; includes approx. 10-15% of production.

Wheat as of 7:45: MN Up 1 KC Unchanged

Export sales out this morning. Trade expects 0-11 mbu for 15/16 all wheat and 4-19 mbu for 16/17. Significant rainfall is forecast for U.S. HRW wheat from April 25-May 5. Ukrainian wheat exports are up 34% so far this season, at 12.9m tons.