Grain Marketing Specialist
Corn: As of 7:45- 2 lower
The corn market was pulled higher by a rallying soy complex yesterday. Corn/bean ratio at 2.63 for nc 17 suggesting planted acres to favor soybeans. Corn export inspections at 34.5 million bu’s exceeded last week’s 27 but still fell short of the 41 needed weekly to meet expectations. Harvest pegged at 97% complete. Ideas on ending ultimately growing from already large 2.4 billion bushels estimate. Overnight looks to be weaker as corn struggles to find a reason to rally on its own merits.
Soybeans: As of 7:45- 2 lower
Solid export inspections and a weakening dollar/ firm crude oil market helped fuel over a 25c rally yesterday. Export inspection at a stout 98 million bu.s far exceeding the 29.1 needed weekly to meet expectations. I know we are just putting the combines away for 2016 season but I would encourage you keep an eye on nc levels for 2017. SX17 approaching June highs and a corn/bean ratio that suggest more beans acres adding to ample supplies there may be something there worth protecting.
Wheat: As of 7:45-1 lower
The wheat complex was unable to jump on the rally bandwagon yesterday closing mixed. Export inspections exceeded a week ago with 15.8 vs. 10.3 million bu.’s but still falling short of the 17.2
needed to meet expectations. Winter wheat planting pegged at 97% complete.