10/07/16
Morning Market Insight
Cutter Murray
Grain Marketing Specialist

Corn as of 7:45: Unchanged
December 2016 corn futures closed at $3.40 ½ on Thursday. One year ago, December 2015 corn settled at $3.91 ¼. U.S. corn export sales for 16/17 for the week ending September 29 of 81.1 mbu were well above the trade range of 43-55, and nearly four times last year’s total of 20.5. Sorghum sales for 16/17 were 197,000 bu. vs. 161,000 last year. Conab is projecting Brazil corn production in 2016/17 will increase 23.5% to 25.7% from 2015/16.

Beans as of 7:45: Up 1
November 2016 soybean futures closed at $9.58 ½ Thursday. One year ago, November 2015 beans settled at $8.81 ¼. U.S. soybean export sales for 16/17 of 80.1 mbu were well above the trade range of 44-55 & 47.2 in ’15. Brazil 2016-17 Soy Crop Seen at Record 101.9m-104mmt vs. 95.4 last year.

Wheat as of 7:45: MW-Up 1 KW Up 1
U.S. wheat export sales for 16/17 of 13.9 mbu were below trade range of 15-22 but above 10.6 last year. Canadian quality remains a question mark as they try to wrap up harvest. Minneapolis wheat has closed higher the last nine sessions. Russian grain exports trending up.