Morning Market Insight
Grain Marketing Specialist
Come join us for our Grand Opening of the Kennebec Elevator Grand Opening today from 4-7 P.M. Tours will start at 4 and new tours begin every 15 minutes until 5:30.
Corn as of 7:45- Down 3
Corn crop estimated to be cut to 75mt from 76mt because of cold weather and frost in southern Brazil. USDA pegs nationwide U.S. corn emergence at 96% vs. 95% in 2015 and the average of 94%. Good/Excellent crop ratings of 75% are steady with last week but above 73% last year. Sorghum planting at 76% vs. 67% last year the 75% average. U.S. corn balance sheet; 15/16 carryout estimated at 1.651 bbu; 16/17 carry-out estimated at 1.980 bbu.
Beans as of 7:45 Down 6
USDA pegs U.S. soybean planting as of June 12 at 92% vs. 85% last year and 5-year average of 87%. Soybean emergence is 79% vs. 72% in 2015 and the average of 72%. Good/Excellent crop ratings are 74% vs. 72% last week and 67% in 2015.Brazil’s soybean production in 2015-16 will total 95.5mt, less than previous estimate of 97mt. Canada, Mexico, to overtake China as largest buyers of U.S. agriculture products this year. Chinese will spend $17.5b in U.S. agricultural products this year, down from $22.5 b a year earlier
Wheat as of 7:45 MW-Down 2 KC Unchanged
Indonesia is set to import a record amount of wheat this year to meet rising demand for feed to flour, narrowing the gap with top buyer Egypt. Indonesia’s wheat consumption has doubled since 2002 as rising incomes help boost demand. U.S. HRS wheat balance sheet; 15/16 carryout pegged at 306 mbu; 16/17 carry-out estimated at 271 mbu. Updated 2016 U.S. winter wheat production estimates (in mbu): HRW, 931 SRW, 356; and White, 214. The updated U.S. HRS production estimate is 483 mbu.