Oct 24, 2016
Grain Marketing Specialist
Corn: As of 7:45 down 1
On the overnight, trade was mixed to slightly lower at 3.52. Still a lot of harvest to do and will have good weather this week to do it in. Harvest could reach around 70% by Sunday. Corn inspection last week came in pretty disappointing; at 875k tons this is the lowest inspection this marketing year. Although China is still buried in corn reserves, they have suspended actions until May. The third largest DDG importer of US distillers have banned any more product from the US due to contamination from a variety of beetle.
Soybeans: As 7:45 up 12
Soy complex was strong on the overnight session with support from oil markets and a lower US dollar. A lot of good support is still coming from demand and huge export numbers. At 2.5 million tons, last week was the biggest inspection week since Oct of 2015. By the end of the week we could see the near end of bean harvest as by Sunday we could be around 85%.
Wheat: As of 7:45 Mixed
With support from the soy complex wheat market was mixed with KC up a penny and Minny up 2. Chicago was down 1. With huge supplies worldwide, and a strong US $ keeps any US export business at bay. Russia has been a strong exporter of wheat since July, moving around 10m tones Wheat inspection last week was disappointing last week. Speculator continue to cover shorts with a record short position.