Morning Market Insight
Grain Marketing Specialist
Don’t let your marketing take a back seat to harvest. Talk to your local grain marketing specialist and have your targets working wile u do.
Corn as of 7:45: Down 3
Brazilian 1st corn crop planting advances to 25% complete, but still behind 34% last year.
The Argentine Ag Secretariat has not yet officially started reporting corn planting progress, the Buenos Aires Grains Exchange estimates corn planting at 22% complete vs 15% last week and 13% last year. The exchange sees Argentine corn planted area up 25% from last year. North Carolina is already 89% harvested, weather threats from the hurricane are minimal. China’s NDRC is reportedly ready to adopt strict price mechanism for corn that would put strict controls on corn imports. Ethanol margins: $0.31 per gallon—down from $0.35 last week and $0.44 last year.
Beans as of 7:45: Up 3
Soybean yields coming in better than expected. Argentina to maintain 30% soybean export tax in 2017 then gradual monthly tax cuts to be made 2018 thru 2019. Strong soybean yield expectations seen ahead of USDA October 12 report. Informa out today with yield predictions.
Wheat as of 7:45: MW-Up 1 KC Down 1
U.S. all wheat exports are forecast to range from 25-30 mbu over the next 4 weeks vs. 12.9 last year. Winter wheat seeding down but favorable moisture for a good start.