Morning Market Insight
Grain Marketing Specialist
Corn as of 6:45 Down 2
USDA pegs corn harvest in Michigan at 88% vs. 95% last year and the 5-year average of 90%. Corn harvest in Wisconsin is 96% vs. 95% last year and the average of 90%. U.S. sorghum harvest estimated at 96% v. 97% last year and the 96% average. U.S. corn balance sheet; 16/17 carryout estimated at 2.605 bbu. U.S. sorghum balance sheet; 16/17 carry-out pegged at 29 mbu.
Soybeans as of 6:45: Down 9
If weather remains favorable as much as 25% of the soybean crop in Mato Grosso, Brazil could be harvested by the end of January vs. 10% in a normal year. As a result, soybean exports could start much earlier than normal. U.S. soybean balance sheet; 16/17 carry-out is estimated at 483 mbu.
Wheat as of 6:45: MW Unchanged KC Down 5
U.S. HRW wheat balance sheet; 16/17 carryout projected at 597 mbu compared to 446 last year. Some early yields from Australia have been reported near 60 bpa with early Argentine yields also exceeding historical levels.