Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 4
May 2016 corn futures traded $4.02 Thursday the first time above $4.00 since 10/27/15 and settled $0.10 ¼ lower at $3.84 ½ U.S. corn export sales for week end April 14 of 47.4 mbu up 6% v. prior week & 31% from 4-week average. U.S. sorghum export sales week ending April 14 of 1.2 mbu were down 64% from year ago total of 3.3
Beans as of 7:45-Beans Down 22
U.S. soybean export sales for week end April 14 of 15.0 mbu were up 7% vs. the prior week and 15% above the 4-week average. Four times higher than one year ago. Excessive rains affect central Argentina when a strong cool front passes Sunday-Monday, but the brunt of heavy rainfall only clips far northeastern wet soybeans.
Wheat as of 7:45: MN Down 11 KC Down 12
U.S. all wheat export sales for week end April 14 of 10.8 mbu were 57% above the prior 4-week average. Above-normal rain forecast next week, including wettest U.S. HRW wheat in the Plains. U.S. farmers cut winter wheat planted acreage 8.2% to 36.216m acres from year earlier.