Morning Market Insight
Grain Marketing Specialists
Corn as of 7:45- Up 5
Corn yesterday was down sharply with Sep17 futures down 15¾ as the weather models showed more rain less temperature. Unshipped corn export sales sit at 424 mbu down 38% from 685mbu one year ago. Brazil corn production increased 1MMT to 95.0MMT. Focus going forward will be weather thru pollination.
Soybeans as of 7:45: Up 6
Export sales were 8½ mbu old crop; and 16.7 mbu new crop with a long was to go to catch up to where we need to be. Unshipped bean export sit as of July 6th come in at 391 mbu down 31% from one year ago from 564 mbu.
Wheat as of 7:45 KC Up 4 MW Up 17
September HRS settled down 33¼ cents which was within 3 ½ cents of its daily low. Export sales were towards the lower end of the range at 13.1 mbu. Unshipped wheat exports of 204mbu down 12% from 232mbu one year ago. Wheat Harvest in the Dakotas shouldn’t take long with current drought conditions. North Dakota sw ratings down 5% this week. French wheat harvest better than last year and most producers happy with yields. Still plenty of wheat in the world with World Wheat Carry out of 260.60 million tonnes.