Morning Market Insight
Grain Marketing Specialist
As temps rise so do the concerns on grain quality. Dont leave it to chance and have our bin probe truck come out and take some worries off the table. Contact your Local Grain Marketing Specialist today!
Corn as of 7:45: Up 1
Corn closed unchanged yesterday settling at 3.67 3/4. Kenya’s reserves of corn dropped to less than a day’s worth of consumption after stocks of the staple grain were released to millers, the National Cereals and Produce Board said. Midwest forecast showing some delays on forecasted rain until Fri and Sat nights in the southeast corn belt and delta. The upcoming weekend forecast looks like at least an inch across the Eastern Corn Belt and at least 2” across Western Corn Belt. Brazil is talking about raising ethanol import taxes. Ukrainian corn is 90% planted, on pace with last year. Illinois good to excellent ratings only coming in at 42%. Lots of replanting will need to be done in that area. The 5-year average for U.S. corn planting progress increases approximately 15% from May 14-21 to 85%.
Beans as of 7:45: Up 2
Nearby beans finished the day 11 higher yesterday settling at 9.76¼. USDA announced 132k old crop export sale and futures turned higher. The 5-year avg. for U.S. soybean planting progress increases approx. 20% from May 14-21 to 52%. Argentina soybean crop estimate is increased 1.5 MMT this week to 56.5 MMT. The increase was based on better than expected yields from northern Argentina where new records are expected. Harvest is around 67% complete.
Wheat as of 7:45: MW- Up 4 KW- Up 6
Minneapolis wheat closed unchanged yesterday at 5.40 July futures Kansas City futures closed down 4 at 4.24 ½ July futures. Uncertainty still exist with crop in western Kansas after snow storm 2 weeks ago but damage wont be realized for a few more weeks once the combines start rolling. 5-year avg. for U.S. spring wheat planting progress increases approximately 11% from May 14-21 to 84%