Morning Market Insight
We have rolled to March futures on Corn, Spring Wheat, Winter Wheat and Milo.
Corn as of 7:45- Unchanged
Corn mostly quite on the overnight trading between a range of 3.48 ¼ and 3.49 3/4 March 17 Futures.US corn stocks as of December 1 estimated to be 10% higher than this time last year. Ethanol grind for the week end November 25th down 0.2% at 1,012,000 barrels a day vs. last week but 5.9% higher vs. last year. Pretty poor export number this morning with 30 million bushels vs 65.9 million last week but still above the magic number of 28 million bushels for the week.
Soybeans as of 7:45: Up 1
Beans see a 8 cent trading range overnight between 10.32 ¼ and 10.40 January 17 Futures. Bean stocks as of December 1 estimated to 7% higher than last year. Weekly export sales this morning of 51.4 million bushels vs last week’s sales of 69.8 millon bushels and crushing the needed 14.2 million bushel mark. Soybean oil exports more than doubled from last week at 54.5 thousand tonnes.
Wheat as of 7:45: MW Up 4 KC Unchanged
Kansas City wheat trading higher this morning with a 3 cent trading range overnight. Minneapolis wheat sees 5 cent trading range overnight. Export Sales released this morning of 17.million bushels. 8.3 million bushels less than last week but still higher than the needed 10.8 million bushels. Looking to move some wheat but just not sure about your quality? Contact your local Grain Marketing Specialist about our bin probing programs.