Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Down 7
Negative USDA Supply/Demand report yesterday with the USDA holding to its 170.7 yield estimate. Crop size was 180 mbu above average trade guess & 17/18 carryout of 2.325 bbu was 194 mbu higher than the trade guess. The 6/10 day forecast shows more moderate temps and moisture increasing to slightly above normal across some northern & western growing areas. Brazil is on the verge of exporting record corn volumes. USDA says 34mmt, Brazil groups say 28-30mmt. China sells some 2013 corn from its state owned reserves.
Beans as of 7:45: Down 23
Old-crop soybean carryout 24 mbu below the average trade guess at 410 mbu, while new-crop stocks of 460 mbu were 23 mil below the trade. China soybean import forecast: 16/17 revised up 2.0 MMT, 17/18 +1.0 MMT. USDA trimmed carryout, but we are still dealing with 6 million more acres this year if weather patterns change and we catch the late July early August rains this could be huge.
Wheat as of 7:45: MW-Down 6 KC Down 13
Not much for new news as it remains dry in the western areas of the wheat growing areas. USDA in yesterday’s report dropped prod more than many had expected. Harvest winds down in Kansas and Nebraska for HRW. World has ample supplies of wheat so US situation comes down to whether we get the export business. Egypt demand is expected to remain strong, Germany receives excess rains. Russia and Ukraine plenty of export potential.