Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Unchanged
USDA report next week average yield guess of 168.2bpa production at 14.035, 16/17 carry out at 2.34bb, 17/18 carry out at 2.180. China, world’s 2nd-largest corn grower, may harvest 212.5m tons of the crop this year, vs previous forecast of 211.5m tons, according to September forecast by the China National Grain and Oils Information Center. U.S. corn dent on average increases around 13% over September 3-10 to approximately 81%. Ethanol grind of 1,060,000 barrels/day for week ending September 1—up 18 thousand vs. prior week and 6.2% higher vs 2016.
Beans as of 7:45: Up 1
USDA yield guess for next week 48.8bpa, production of 4.328bb, 16/17 carry out 370mb, 17/18 carry out of 442 Vs USDA last month guess of 49.4bpa, 4.381bb production, 16/17 carry out of 370mb, 17/18 carry out 475. China becomes more dependent on the world for its soy needs as August was a new import record for the month of August, but down slightly from July imports.
Wheat as of 7:45: MW Down 1 KW- Down 1
Argentine wheat crop impacted by earlier frost and Australian crop size dwindling with problems from too cool and too dry as well. SovEcon raised Russian wheat production estimate 2.2mmt to 81.1mmt. Do you really know what’s in your bins? Contact your local Grain Marketing Specialist and find out how our Bin Probe truck can take the guess away. Don’t forget to ask about our bin probe guarantee.