Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1
USDA WASDE report to be out next week on September 12 with average trade guess for 2017 U.S. corn crop at 14.000 bbu. Ethanol margins came in at $0.26 per gallon down from $0.31 last week & below last year’s margins of $0.49. CONAB is forecasting lower Brazilian corn acres and higher cotton and bean acres. Russian crop threatened by higher temps. US missed frost threat this time.
Beans as of 7:45: Up 3
USDA WASDE report next week average trade guess for 2017 U.S. soybean crop: 4.321 bbu.
Nearby US soybean exports expected to come in at 25-30 million bushels a week. Brazil’s ABIOVE sees record 2018 exports expecting 65mmt.Domestic use of beans also expected higher as Brazil ups their biodiesel requirement.
Wheat as of 7:45: MW Up 4 KW- Unchanged
STATs Can all wheat July 31 stocks 6.865 above the 6.0 mbu estimate with durum at 1.863. Texas Gulf ports are slowly starting to reopen. Another Hurricane KATIA just formed in the Gulf of Mexico. Frances wheat crop coming in better quality than last year. Argentina wheat suffering from early freeze now hot and dry weather. Russia looking to subsidize freight to get wheat moving.