Morning Market Insight
Corn as of 7:45- Unchanged
Yesterday corn only sees a 2 ½ cent trading range. Export inspections came in near expectations at 37.9mbu vs 35.5 LW. Corn production estimate for Brazil remains unchanged at 86.0mmt. Farmers have begun planting double crop corn in Mato Grosso, with around 5% planted. U.S. corn balance sheet for 16/17 carryout estimated around 2.374bbu.
Soybeans as of 7:45: Up 5
Beans lost 9 ¾ cents yesterday but early morning trade has beans on the recovery. Friday marks the start of the 2 week Chinese New Year Holiday. Exports yesterday were 47mbu just below trade estimates of 48-59mbu. U.S. soybean balance sheet for 16/17 carryout estimated at 403mbu. Argentina forecast turns drier but most of the flooding damage has been done and it’s too late to replant. Around 90% of China’s December bean imports came from the US.
Wheat as of 7:45 KC Unchanged MW Down 1
U.S. HRW wheat 16/17 carry-out is estimated at 597mbu vs. 446 last year. Turkey’s wheat production looks to drop from 19.5mmt to 17.25 because of drought conditions. Wheat loadings are expected around 8-10 per week with 6-8 from the PNW and 1-2 at the Mississippi Gulf.