Morning Market Insight
Grain Marketing Specialist
Have you checked your bins this spring? Dont take a chance on it! Contact your local grain marketing specialst to schedule a visit from our bin probe truck!
Corn as of 7:45: Down 6
Export numbers released this morning Corn exports of 27.8 Million Bushels were in line with trade guess of 20-30million bushels. Sorghum exports came in at 2.1 million bushels. The first few safrinha corn fields in Mato Grosso, Brazil will be harvested over the next 1-2 weeks, with the peak of harvest occurring in June. Mato Grosso will account for about 39% of Brazil’s safrinha crop. Ethanol grind of 1,027,000 barrels/day for week end May 12—up 21 thousand v. prior week & 8.3% above last year.
Beans as of 7:45: Down 20
The overnight story was the slumping Brazilian Real and potential for increased soybean movement from the Brazilian producer. Bean exports coming in at 13.1 million bushels in line with trade guess of 7-15 million bushels. Total world meal use has been increasing 4% per year since 2000/01. Growth in soymeal use the past 4 years requires adding about 500 mbu of soybeans to the world supply or approximately equal to the crop size in Iowa.
Wheat as of 7:45: MW- Unchanged KW- Down 3
Total wheat exports of 9.1 million bushels last week with trade guess of 0-7 million bushels. Egypt showed up as a surprise buyer of 295K MT of wheat with a couple cargos of US HRW in the mix. Australia is dry as wheat sowing is about to begin. Rain makes grain and most of wheat country has received or is forecasted to receive decent rains.