Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 1
December 2016 corn futures closed at $4.46 ½ Tuesday the highest settlement price for the contract since July 8, 2014. Near-term U.S. corn exports to range from 45-55 mbu per week vs. 41.0 for the same period last year. Brazil corn crop estimate lowered 1.0 MMT to 75.0 MMT. Ethanol margins at $0.24 per gallon up from 0.23 last week but well below $0.42 last year.
Beans as of 7:45 Up 5
U.S. soybean exports to average around 5-9 mbu per week vs. 9.0 last year. Brazil soybean crop estimate lowered 1.5 MMT to 95.5 MMT due to poor end to the growing season, especially in northeastern production areas. Most un-harvested soybean production areas in Argentina stay dry.
Wheat as of 7:45 MW-Up 3 KC Up 4
Wheat exports to range from 13-17 mbu per week vs. 12.1 last year.
U.S. winter wheat yield is estimated at a record 50.4 bpa. Winter wheat harvest was pegged at 11% complete, trailing the 5-yr average of 18%, but expected to increase with mostly drier weather forecast for the next two weeks.