Morning Market Insight
Grain Marketing Specialist
USDA Report at 11 AM
Corn as of 7:45: Unchanged
WASDE at 11:00 AM CDT: Average trade guess for 2016 U.S. corn crop: 14.772 bbu (range 14.462-15.246) & 14.540 in July. Average trade guess U.S. corn carryout--15/16, 1.721 bbu (1.701 in July); 16/17, 2.284 (2.081). U.S. old-crop corn export sales for week ending Aug. 4 of 23.4 mbu were above trade range of 8-16, up 80% from last week and 34% above the 4-week average. Old-crop sales for this week last year were 1.1 mbu.
Beans as of 7:45: Down 3
WASDE at 11:00 AM CDT: Average trade guess for 2016 U.S. soybean crop: 3.948 bbu (range 3.965-4.054) & 3.850 in July average trade guess U.S. soybean carryout--15/16, 324 mbu (350 in July); 16/17, 321 mbu (290) U.S. old-crop soybean export sales for week end Aug. 4: 11.3 mbu vs. trade range of 7-15 and 3.5 mbu last year. Argentina soybean harvest mostly done at 99.5%
Wheat as of 7:45: MW-Up 2 KW Unchanged
WASDE at 11:00 AM CDT: Average trade guess for 2016 U.S. all wheat crop: 2.264 bbu (range: 2.224-2.315) & 2.261 in July. Average trade guess for U.S. all wheat carryout--16/17, 1.116 bbu (range: 1.080-1.263) U.S. all wheat export sales for week end Aug. 4: 22.3 mbu v. trade range of 13-20 and 15.5 last year. Argentina wheat planting at 97% complete. 45k metric tons of French feed wheat working its way into the US. The second shipment of French wheat to the US in 13 years.
Is your wheat harvest complete? Don’t forget to schedule a visit from our probe truck! Wheat Growers offers professional bin probing at your bin site by a trained technician using specially equipped probing equipment. Our technician will collect a representative sample from all levels of your bin – not just the top, bottom or what runs out the door. You will receive an analysis of your grain quality, along with a customized marketing proposal for each bin based on the analysis of the grain sample. It’s a simple, effective way to make better marketing decisions based on a more thorough knowledge of your inventory. Contact your local grain marking specialist for more information.