Morning Market Insight
Grain Marketing Specialist
We are now buying NC 2019 bushels without the contract fee. For those wanting to price 2020 harvest bushels there will be a $0.05/bu for all commodities.
Corn as of 7:45: Down 1
Very quiet overnight trade as corn stays in a 1 cent trading range. China looks to refrain from selling corn reserves in January. Mexico has been importing U.S. corn at a record pace up 19 million bushels from last year or 13% for a total year to date of 170 million bushels
Soybeans as of 7:45: Down 2
Beans trade in a range of 6 cents on the overnight. Argentina & Brazil were estimated to have 1.6 bbu of soybeans on hand at the start of December, 16% increase over 2016. Argentina weather has improved a bit and longer-term forecast are improving as well. Brazil production estimates on the rise and some believe they will see close to last year’s record production. China to implement tougher quality factors on imported beans favoring south American beans. Port explosion in Rosario may affect some exports.
Wheat as of 7:45 MW -Down 1 KC- Down 1 Wheat lacks volume on the overnight sees a three-cent trading range. Bullish trades concerned over the impact of cold temps across the Midwest but most feel its too early to talk winter kill yet. Ukraine winter crop planting sitting at 46% done.