Morning Market Insight
Grain Marketing Specialist
Market Base Builder Deadline is March 31ST contact your local Grain Marketing Specialist for more details!
Corn as of 7:45: Down 2
Yesterday corn down 4 pressured by weakness from the wheat market and favorable forecast for South America leading to increased production forecasts. Yesterday’s U.S. corn exports of 52.5 mbu for week end March 16 were down 15% vs. last week but 31% above last year’s total. U.S. corn export forecast model increased from 53.0 mbu to 56.5 per week and is 13 mbu higher than last year; and 23 million above the 5-year seasonal average.
Beans as of 7:45: Down 1
Pretty quiet day on beans yesterday closing down 1 with a 8 cent trading range. U.S. soybean export forecast declined from 23.5 mbu last week to 21.0 this week. This compares to 16.2 a week last year with the 5-year average of 21.1; and the latest 4-week average of 35.6. Brazil 16/17 soybean production estimate is increased 1.0 MMT to 108.0 MMT vs. 96.5 last year with favorable weather forecasted for the rest of the season southern and across northeastern Brazil.
Wheat as of 7:45: MW-Down 3 KW Down 3
Kansas City wheat down 8 yesterday leading markets lower on forecast for rain later in the week. Ukraine seeding starting to take place. Wheat export forecast is 20-25 mbu/week v. 13.6 last year & latest 4-week average of 21.1. National Weather Service 6-10day forecast calls for above average precipitations over most of the southern plains hard red wheat growing areas.