08/09/16
Morning Market Insight
Cutter Murray
Grain Marketing Specialist

Corn as of 7:45: Down 1

Brazil 2016-17 winter corn area seen at 11.7m hectares, compared to 10.8m hectares in previous season. Export inspections were strong at 57.2 vs. expectations of 35-47. USDA also announced daily sale of 163K MT to Mexico for 16/17 marketing year. Milo inspections were 8.6 mbu with China taking 8.4 of the total. China to offer 7.9 MMT of reserves of corn this week. Corn condition ratings were 74% Good/Excellent this week vs. 76% last year.

Beans as of 7:45: Down 7
Brazil soybean acres up 1.5% from previous season. Total soybean crop conditions were 72% Good/Excellent, unchanged from last week @ 72%, and 63% last year. Rain amounts over the next week will be vital for beans with warmer weather following next week and soybeans still are only 69% done setting pods. This phase in beans were moisture is crucial because it determines how many pods there will be and how large they will be.

Wheat as of 7:45: MW-Down 2 KW Down 1
French crop is the worst since 1986. Weekly export inspections of 13.8 mbu were just over ½ of last week’s week total and fell shy of the trade expectations. Spring wheat conditions were unchanged at 68% G/E with harvest progress at 30% or 12% ahead of the average pace.