Morning Market Insight
Grain Marketing Specialist
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Corn as of 7:45- Unchanged
Ag Rural dropped their estimate of Brazil first corn crop. Brazil and Argentina seeing rains where needed. China corn production looking to come up shorter this year as focus for them as shifted to domestic soybean production it looks to be the smallest corn crop in China in 5 years. Corn Harvest progress should be close to 50% this afternoon. Brazils corn crop estimate for upcoming crop is being pegged at 88.MMT.
Beans as of 7:45: Up 4
US weather has keep harvest slow expecting near 80% complete in this afternoons report. Brazil's Soybean Planting 29.8% Done Vs 18.5% last week. Motto Grasso bean planting coming in at 44%. China has been buying beans from Brazil the past week. US soybeans coming in light on Protein and oil.
Wheat as of 7:45: MW Down 1 KW- Down 1
US stronger dollar making US wheat uncompetitive in the global marketplace. China reduced its minimum wheat price for the first time in 10 years yet it’s still well above world prices. Russian wheat exports up 21% this year vs last year.