07/12/17
Morning Market Insight
Cutter Murray
Grain Marketing Specialist

WASDE Report at 11 am today. Do you have your targets working?

Corn as of 7:45: Down 5

CONAB raised Brazil prod estimate 2.8mmt on better safrinha yields. Argentina increasing export program. US corn is still overpriced exports are fairly quiet. High temps have traders concerned about pollination just around the corner. 7-10 Day forcast remains above average temps and below average moisture. USDA report today estimates of 169.6bpa yield, 16/17 Carry Out at 2.321bb, 17/18@2.181bb

48 hour Precip Map

Beans as of 7:45: Down 8

November soybeans looking to break an 11-consecutive session rally the longest in 37 years. USDA report today with 47.96bpa yield expected. Carry out of 430mb, with 17/18 carry out of 473mb. China’s Ag Ministry says dry weather has caused a shift to more soy acres. Conab came in as expected at 113.9 MMT for the Brazilian soybean crop vs USDA at 114 yesterday.


Wheat as of 7:45: MW-Down 5 KC Down 5
Ongoing weather concerns continue for US and Canadian crops; Ukraine is forecasted to get needed rain later this week. FranceAgrimer estimates its soft wheat stocks at 2.8mmt up 100tmt from last month. USDA spring wheat production and yield will be the focus of todays report with 416 mb trade guess on spring wheat production for total wheat production at 1.748bb.