Morning Market Insight
Corn as of 7:45- Down 1
Yesterday corn closed down 6 ¼ after reaching a high of 3.71 futures a level not seen since July. Informa raising their estimate of NC US corn acres to 90.489mil from 90.151 previously and 94.0 planted last year. Biofuel credits slip as Trump orders EPA regulation freeze. If US tries to renegotiate trade terms with Mexico, Mexico’s Econ Minister said they may pull out of NAFTA. Mexico is the 3rd largest buyer of US grains.
Soybeans as of 7:45: Down 5
Yesterday beans see a trading range of 16 ¾ cents. South American 10 day weather forecast warmer temps, less rain, followed by cooler temps and chance for showers. Argentina crop is estimated at 51 MMT and Brazil estimated at 103 MMT. Informa suggesting soybean acres are going to be 88.6 million acres vs 88.8 million acres back in December. This estimate is 5.2 million acres more compared to last year’s planted acreage.
Wheat as of 7:45 KC Down 2 MW Down 1
Russian wheat export prices rallied to the highest values in the last 8 months on Ruble strength. Ukraine looks to have limited snow cover and could be vulnerable to winter kill. Logistic delays in the PNW have the wheat boats backed up and market fears are that exports will be lost as buyers won’t wait. Spring wheat acreage will be a concern as deep snow cover across North Dakota could make it a late spring and narrow the wheat planting window.