Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Down 1
China feb corn imports up 21.7% from last year. It was reported that another cargo of Brazilian ethanol was booked into the U.S, & is scheduled to be delivered in late May. . The NOAA released their long term forecast yesterday. They are projecting below to much-below temps & normal precipitation for much of the corn belt through June= optimal growing weather.
Beans as of 7:45- Down 16
Number of hog PEDv virus cases climbs. Argentina port of Rosario has 90 vessels waiting to load as they await a ship to become ungrounded. Brazil harvest continues to add to world supplies. . The USDA has 35 mbu worth of imports scheduled to come in. Reportedly 32 mbu of those imports are already booked.
Wheat as if 7:45-MW Down 6 KC Down 5
Kansas City Wheat May futures takes out the Oct highs and now test the June 2013 high of $8.04. US wheat is now overpriced compared to Black Sea Values