Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Up 6
USDA WASDE report out July 12: Average trade guess 16/17 U.S. corn carryout, 2.336 bbu; average guess 17/18, 2.131 bbu. USDA Crop Progress report today is expected to peg U.S. corn Good/Excellent at 66-68% compared to 68% last week and 76% last year. Export Inspections released at 10 am Corn, 34.2 mbu needed; 43.1 last week. Milo—3.0 needed; 0.6 last week. South American safrinha corn crop now 23% harvested vs. 24 average.
Beans as of 7:45: Up 19
USDA Crop Progress report to peg U.S. soybean Good/Excellent at 62-64% v. 64% last week, 71% last year. Export Inspections released at 10 am CDT; Soybeans, 13.5 mbu needed; 9.8 last week. Weather conditions not favorable for 7-10 day forecast. China demand has remained steady.
Wheat as of 7:45: MW- Up 30 KW- Up 12
Export Inspections released at 10 am CDT; Wheat, 18.7 mbu needed; 18.6 last week. Heat continues in the Northern Plains, what is left of the wheat crop, Minneapolis futures pulling wheat higher again this morning. The French crop is rated 66% G/E, up 1 from last week. Argentina wheat acres looking like the will come in less than expected due to rains that have prevented planting progress. Hot Dry weather has Canadian forecasters looking at a 2 million metric ton decrease for a total wheat harvest of 20 million metric tons.