Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
December 2016 corn futures traded $4.48 ½ Wednesday the highest since July 8, 2014 but settled $0.07 lower at $4.39 ½. Export Sales to be released this morning. Trade expects 35-47 mbu for 15/16 corn.
Argentina corn crop estimate is unchanged at 25.0 MMT. Harvest is approximately 33% complete.Record ethanol grind of 1,013,000 barrels/day for week end June 10—up 0.7% vs. last week and up 3.4% vs. last year.
Soybeans as of 7:45- Down 10
November 2016 soybean futures closed at $11.38 ½ Wed.; one year ago, November 2015 contract settled at $9.39 ¾ Export Sales report out this morning. Trade expects 15-22 mbu for 15/16 soybeans; soymeal, 50-200 K MT; and soyoil,10-40 K MT. Argentina soybean crop estimate is unchanged at 56.0 MMT. Harvest is approximately 90% complete.
Wheat as of 7:45 MW-Up 2 KC Up 2
Export Sales report out this morning.Trade expects 9-17 mbu for 16/17 all wheat.Intense heat affects the central/southern U.S. Plains through Sunday. Argentina wheat planting underway with acreage estimated to to increase 23-27% due to the elimination of export tax.