Morning Market Insight
Grain Marketing Specialist
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Corn as of 7:45- Unchanged
Overnight trade was quiet only trading in ¾ of a cent range. Corn exports of 517 tmt versus 636 tmt last week. USDA pegs harvest progress at 54% complete, well behind the 5-year average of 72% and last year’s 73%. Ukraine harvest is estimated at 59% complete with yields coming in less than expected. Russia corn harvest looks to be around 61% complete.
Beans as of 7:45: Up 2
Beans trade in a 4-cent range overnight. China bought 4 cargos of beans from Brazil overnight. China has and appetite of 95mmt of foreign beans annually needing to import 1.826mmt/week. Brazilian weather looks favorable with current forecast. Export inspections came in at 92.1 mbu with China taking 77 mbu.
Wheat as of 7:45: Unchanged
U.S. winter wheat planting is 84% vs 85% last year & 5-year avg. of 87%; Kansas at 84% vs 5-year average of 93%. First winter wheat crop condition ratings of the season for 2018 were released Monday 52% Good/Excellent vs. 58% last year. The biggest question still remains in how many acres actually got planted. Weekly export inspections were poor with only 315tmt. The Black Sea share of global wheat market will exceed 16% in 2018, up from 10% in 2012-13, driven by increases in Russian exports.