Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Down 1
Corn closed down three yesterday settling at 3.67 3/4. Corn export inspections came in way higher than expected at 55.0 mbu this past week vs. 33.2 LW, 44.6 this time last year, and an estimated range of 31-39 mbu. Up 24% from last week US corn planting at 71% vs. 5-year average of 70% and 73% LY. South Dakota breaks planting record with almost 2.5 million acres done in one week or 45% of the corn crop. Brazil corn crop is unchanged this week at 92.0 MMT with a dry forecast ahead could limit double crop yield potential.
Beans as of 7:45: Up 2
Nearby beans finished the day 2 higher yesterday settling at 9.65 ¼. Export inspections report pegged weekly soybean shipments at 10.3 mbu slightly down from last week & just shy of trade estimates of 11-18 mbu. The NOPA Crush report for April Crush was pegged at 139.1 mbu, which was well short of the average trade estimate 146.7 mbu & down nearly 6% from last year. Currently the YTD crush is only up 11 mbu over last year. U.S. soybean planting was reported to be 32% complete, which is right in line with the 5-year average.
Wheat as of 7:45: MW- Down 2 KW- Down 4
Minneapolis wheat closed down 6 ½ yesterday at 5.40 July futures Kansas City futures closed down 10 ¾ at 4.28 ½ July futures. Export inspections came in a little higher than trade guess at 25.4 mbu with trade guessing 14-23 mbu. The good/excellent crop rating fell 2% in the USDA weekly report to 51% G/E vs. 62% a year ago. Spring wheat plating was pegged at 78% vs. the 5-year average of 73%. Emergence was 40% which is behind a year ago at 57% but in line with the average of 44%.