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: Unchanged
Yesterdays close was the worst of the year for May17 corn closing in at 3.58 ¾ futures. Corn export sales of 53 million bushels for week ending March 16 vs 47.7 last week with sorghum sales of 8.5 million bushels vs 200 thousand bushels last week. Ethanol grind of 1,044,000 barrels/day for week ending March 17 down 1 thousand barrels vs. last week but up 2.2% from last year. China’s fuel ethanol output may rise to as high as 20m tones by 2025.
Beans as of 7:45: Down 4
May beans ended the day slightly lower on Wednesday down 1 ¾. Export sales of 27.1 million bushels for the week ending March 16 vs 9.7 million bushels last week. China is set to import a record number of soybeans this year with rising demand driven by its livestock sector as a growing middle class consumes more meat. China buys more than 60 percent of the world’s soybean exports. The Brazilian soybean crop is approximately 66-68% harvested with many areas nearing completion. Harvest in the top producing state of Mato Grosso is 94.5% complete compared to 85% last year. Brazilian bean export boats line starting to pile up but not as bad as last year just yet.
Wheat as of 7:45: MW- Up3 KW- Unchanged
Export sales for all wheat for the week ending March 16 were 15.4 million bushels vs 9.7 million bushels last week. Rain forecasted for the driest parts of major HRW territory. USDA reported a sale of 120,000 MT of U.S. HRW wheat for delivery to Saudi Arabia for 2016/17 crop year. Egypt has rejected between 7 and 10 cargoes of wheat due to insects and/or grass seed.