Morning Market Insight
5/15/17
Cutter Murray


Corn as of 7:45- Unchanged
December 2017 corn futures on Friday closed at $3.87 ¾ vs. $3.98 ¼ for December 2016 corn last year. Export Inspections to be released at 10 AM CDT Corn, 40.1 mbu needed; 28.4 last week. Milo—3.1 needed; 6.5 last week. Seven day forecast looks wet but lots of corn is already in the ground. Last month US Exports sales are down 48% form LY and just off of the 5-year average of 26.7 mbu/week. China will offer 4m tons of state corn reserves from 2013 harvest on May 18, according to National Grain Trade Center, online trading platform for state stockpiles.

Soybeans as of 7:45: Up 4
November beans closed Friday at $9.60 vs $10.61 one year ago. Export Inspections released at 10 AM CDT; Soybeans, 13.0 mbu needed; 12.8 last week. Since 2009, the largest percentage increase in U.S. soybean plantings over May 7-14 was 23% in 2012 while the smallest increase was 8% in 2013. China to subsidize soy farmers in top-growing provinces. . NOPA April crush will be released today with the average guess of 145.7 mbu vs. 153.6 last month and 147.6 last year. Argentine harvest is 67% complete vs. rain delayed harvest of 51% last year.

Wheat as of 7:45 KC Down 4 MW Down 1

Effective this morning, Wheat Growers is offering FREE DP on any new deliveries of wheat placed directly into the Wheat Growers DP Program. DP wheat not priced by noon July 14, 2017 will be rolled into the Wheat DP program in effect at that time. This DP program is being offered first come, first served on a location by location basis. Reports of lower protein HRW coming in from Texas. Russian wheat exports up 8.8% versus last year. The May USDA Supply and Demand report showed spring wheat supply growing by 2 million bushels, while domestic use declined by 10 million bushels. This puts the stocks to use ratio at 34.8%. Informa adjusted their estimated spring wheat plantings down 420,000 acres to 10.9 million acres.