Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Up 2
USDA Crop Progress: Good/Excellent U.S. corn rating could be a point higher or a point lower compared to last week’s 76%, although that would still be above the 70% seen in 2015. Temperatures remain very warm for several days this week across the central U.S. Several days of dry weather accompany the cooler temperatures forecasted next week. December 2016 corn futures closed at $3.34 ¼ on Friday; one year ago, December 2015 futures settled at $3.83 ¾ . Export Inspections released at 10 AM CDT; Corn, 49.2 mbu needed; 45.0 last week. Milo—2.0 needed; 7.0 last week.
Beans as of 7:45: Up 10
USDA Crop Progress: Good/Excellent U.S. soybean rating steady vs. last week’s 72% but still above 63% in ’15. Export Inspections released at 10 AM CDT; Soybeans, 8.1 needed; 24.7 last week. China sells 101,726 mt of soybeans Friday.
Wheat as of 7:45: MW-Unchanged KW Up 1
The spring wheat market had a better week on crop concerns in France and Germany.
Informa pegged spring wheat crop at 559 mb with a yield of 47.2. The French wheat crop is estimated at 29.0 mmt versus 41.0 mmt last year. The German wheat crop is expected to be reduced as well from rainy weather conditions. Russian wheat production estimates are coming in as high as 70.0 mmt.