Grain Marketing Specialist
Hope to see you all there!!
Corn: As of 7:45- 1 lower
Export inspections yesterday of 1,547,022 coming in on the high side of expectations of 1,250,000 to 1,555,000 was enough to stop the bleeding yesterday. Still lingering effects of USDA’s increase of Brazilian production estimate, talk of better Argentine production and weakness in the wheat complex weighed heavy. Informa acreage estimate at 90.8. Seasonally we tend to have better days ahead of us as we move into field work and build weather risk into the market. Ask your grain marketing specialist about our market Base Builder Program to help capitalize on historical season trends for NC corn.
Soybeans: As of 7:45- 7 lower
Export inspection coming in at 656,288 which is in the middle of expectations of 500,000 to 800,000 as we typically drop off shipments this time of the yr. USDA announced the sale of 120,000 tons early on but didn’t seem to faze things much. Informa acreage estimate at 88.7. Estimates increasing for Argentine production forecast and large US acre estimates look to keep this market on the defensive for now. Momentum remains lower with Nov support at 9.95 and 9.80.
Wheat: As of 7:45- 1 lower
Export inspections out yesterday at 519,217 which in the middle of expectations. Saudi Arabia bought 735 kmt but most believed to coming out of the Black Sea and France. Informa has all wheat acres estimated at 45.6 as economics and snow pack could limit Spring wheat acres. Crop conditions have Kansas 40% G/E down from 43% LW, Oklahoma at 42% down from 43% LW and Texas at 29% G/E down 34% LW.