Morning Market Insight
Grain Marketing Specialist
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Corn as of 7:45- Unchanged
Another quite night for corn only trading in a 1 cent range. Forecast for the ECB next week should slow down harvest for them. Corn option volatility is very low making it an excellent time to use minimum price contract. Informa was out yesterday with yield guess of 173.4 bushels per acre yield average. Harvest progress expected around 70% complete Monday. World corn exports are running 10% ahead of last year. Argentina corn crop is 33.9% planted. Mexico purchased 1.36 million metric tons of corn making it into the top 10 largest corn purchases in 40 years.
Beans as of 7:45: Down 3
Beans trade in a 4 ¾ cent range overnight. Brazil still exporting to China during as they are priced very competitive to US beans. Private yield estimates show a little larger yield than the current USDA estimate of 49.5bpa. Argentina Ag Minister released production estimate 3.8mmt below the USDA’s estimate of 57mmt. Argentine Soy Planting 7.2% Complete
Wheat as of 7:45: MW UP 1 KW Up 2
Minneapolis wheat trades a 3-cent range and Kansas City trades in a 2 cent range on the overnight. Australia getting harvest underway as much need rains come late during harvest. Buenos Aires Grain Exchange estimates Argentina wheat crop at 17mmt, Argentina Ag Minister estimates 18.2mmt. Russian wheat export remain at record pace as weather cooperates. Iraq Buys 450,000 Tons of U.S. Wheat.