Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 4
The last 4-week average for U.S. corn export sales, including old and new crop, is a record 57.5 mbu per week. This is double last year’s pace and well above the five-year average. U.S. old-crop sorghum export sales of 2.0 mbu were down 59% vs. 4-week avg. & below last year’s 2.4mbu. December 2016 corn futures on Thursday closed at $4.35 ¾; one year ago, the December 2015 contract settled at $3.73 ¼. There’s a chance the Corn Belt could see a “flash drought” over the summer as temperatures across the U.S. may be higher than normal through the next three months, according to government forecasters.
Soybeans as of 7:45- Up 12
U.S. old-crop soybean export sales for week end June 9 of 30.0 mbu were up 8% from the prior week, 57% above the 4-week average and sharply higher compared to the year ago total of 4.9 mbuCondition of the U.S. soybean crop is starting off better than last year and the long term averageU.S. soybean planting progress for week ending June 19 projected to be well above last year’s total of approx. 89%.
Wheat as of 7:45 MW-Up 5 KC Up 7
U.S. all wheat export sales for week end June 9 of 28.0 mbu were more than double last year’s 11.6 Hot, dry weather likely to support active HRW wheat harvest for Southern Plains. Spring wheat crop conditions expected to be steady at 79% G/E in Monday’s crop progress and conditions report.Winter wheat harvest is expected to be near 40% complete by Sunday. Harvest was at 11% complete last week.