Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Unchanged
Corn lower yesterday as trade tries to sort out impact of proposed 20% import tax from Mexico. Farmer selling vary light and volume yesterday was just over 100k contracts for march futures. Yesterdays export number was 63% higher than the four week average coming in at 53.9mbu.BN freight around $2000 a car. Rainfall amounts across double crop corn areas of Mato Grosso, Brazil through January 31 are forecast to range from 2.00”-2.50" China’s new 5 year plan call for increased use of corn in plastics and ethanol production.
Beans as of 7:45: Unchanged
March soybeans worked their way lower Thursday. Soybeans have fallen from the $10.80 high hit on January 18th to yesterdays low at $10.45 1/2. Exports of 19.8 mbu down 45% from last week and down 10% from the four week average.Buenos Aires Grains Exchange forecast the 2016/17 Argentina soybean crop at 53.5 MMT
Wheat as of 7:45: MW-Unchanged KW Down 1
Spring wheat closed up 9¼ yesterday with the help from export sales. U.S. all wheat export sales of 31.4 mbu was a marketing year high and the highest since July 11, 2013. They were also nearly 2 ½ times the 4-week average. Forecast for much of HRW area in the US is dry and around average temps.