Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
Weekly exports at 31.4mbu bringing total for year to 2241 vs USDA at 2225. Weekly crop conditions at 61% G/E down 1%, as expected. 12% crop is mature vs 18% average. Dent is 60% vs. 74% last year and the 5-year average of 68%. Mature coming in at 12% vs. 17% last year and the 5-year average of 18%.
Beans as of 7:45: Unchanged
Soybean exports came in at 23.7 million bushels vs 27.1 million last week and 45.3 million last year. Weekly crop conditions were 61% G/E vs 61% G/E last week. USDA says 97% setting pods, 11% setting pods-both matching last year conditions were steady at 61% G/E.
Agroconsult estimated Brazil’s 17/18 soybean crop at 111.1 MMTs, which would be down roughly 4% from last year’s record.
Wheat as of 7:45: MW Up 3 KW- Unchanged
Weekly export inspections came in light at 9.3 mbu with the trade expecting around 18-22 mbu. USDA estimates spring wheat harvest at 89% complete while next week should be pushing 95-97%. Stats Canada will release July stocks this morning.