May 23, 2017
Grain Marketing Specialist
Corn: 2-3 Lower
We saw a mild start to the week as corn market posted at least a positive gain yesterday, as it closed up 2 ½ yesterday. We are trending lower on the overnight session as the market couldn’t find any bullish news in progress report. USDA pegs planting at 84% complete vs 85% 5-year average. Emergence was 54% vs 55% 5-year average. Wet areas remain in parts of ILL, IN, OH and MI and continue to hear replant/prevent plant possibilities
Corn inspections were very good this week coming in around 1,144,187 tones. Inspections have finally turned the corner and are now 4 million bushels ahead of the USDA export pace. ..the 6/10 and the 8/14 day forecast continue to show above normal moisture across many areas
Soybeans: 3-5 Lower
Bean market spent most of its time yesterday with decent gains but could not hold them and only musterd a 3 ½ gain. Still decent for beans for the day. We are lower in the overnight session as Brazil political situation remains volatile and unstable. USDA pegged soy planting at 53% complete vs 52% ave and 53% last year. We saw SB inspections low this week at around 348k tones. Soybean inspections fell below 1 million tons for the 14th straight week. This is the 2nd lowest inspection number of the marketing year. Inspections are running 398 million bushels ahead of the USDA export pace, but the gap has narrowed for 14 weeks.
Wheat: 2-5 Lower
Wheat complex was mixed yesterday as KC struggled to keep its head above water but Minny was able to gain 3 ½ cents for the day. We are lower overnight as wheat searches for a rational trading range considering the large US and world supply. Overall US winter wheat conditions improved 1% from last week to 52% G/E. Last year was 62%. US spring wheat planting was pegged at 90% well ahead of the 5-year average of 84% but behind last year’s 94%. Emergence is 62% and cool temps are helping. Still have a large area experiencing dryness in SD, ND and MT. warmer temps would begin to make it critical. Wheat inspections were near the high end of expectations at around 675k tones. Wheat inspections are now behind the USDA pace by 62 million bushels with just 2 weeks to go in the marketing year.