Morning Market Insight
Corn as of 7:45- Down 1
March Corn closed last Friday at its highest close since July @3.69 3/4 after trading higher for a fifth session in a row. U.S. corn export sales for 16/17 for the week ending January 12th more than double last week’s numbers at 53.8 mbu. Export numbers out this morning with corn needing 45mbu.
Soybeans as of 7:45: Down 5
U.S. soybean export sales for 16/17 for the week ending January 12th were three times last week’s numbers at 36.0 mbu with 22mbu needed this week. US farmer expected to plant more beans than last year. Brazil soybean vessels starting to stack up at the ports. Argentina has lost over 4 million acres of beans to flooding. The rains also threaten to damage crops left from the 2016 harvest that were stored in plastic bags on the ground.
Wheat as of 7:45: MW Unchanged KC Down 2
U.S. all wheat export sales for 16/17 for the week ending January 12th were 8.9 mbu, well below last week’s 14.4 mbu. Russian stocks look to keep increasing. If using a production estimate of a 735 mbu wheat crop and using a 350 mbu export number, the US HRW carryout would pegged at just under 500 mbu which would be the 6thlargest HRW carryout in the last 30 years.