Morning Market Insight
Corn as of 7:45- Down 1
Yesterday corn rallied back half of previous day’s losses to settle out the day at 3.65¼ versus 3.69¼ last year. Ethanol production numbers slightly lower at 1051kbpd versus 1054kbpd last week. Blender demand was 833kbpd which was 3.7% less than last year. Trade expecting exports of 28-39 mbu for 16/17 corn released this morning.
Soybeans as of 7:45: Down 2
November 2017 soybean futures yesterday closed at $10.25 ½; versus last year November 2016 soybeans settled at $8.94 ¼. Trade expecting exports of 17-24 mbu for 16/17 soybeans and for soy meal, 120-250 K MT. Brazil soybean crop estimated steady this week at 103 MMT.
Wheat as of 7:45 KC Up 2 MW Up 2
Wheat closed down 4 yesterday KC at 4.38 march futures and MW at 5.57 march futures last year KC closed at 4.75 march futures and MW closed at 5.00. Argentina’s Ag Ministry expects wheat exports to rise 15% this year versus a year ago. Trade expecting 7-15 mbu for 16/17 all wheat exports released this morning.