Morning Market Insight
Grain Marketing Specialist
The USDA will release the WASDE report this morning @ 11:00. Do you have your targets in???
Corn as of 7:45 Down 1
EPA renewable fuel standards rules for 2014 mandates are expected in June. Not much action on the overnight due to today USDA report out at 11:00a.m. Yesterday and last night rain covered the central US, but missed most of Nebraska and Kansas with very light rain reaching into Iowa and Indiana. Trade is guessing a carryout for new crop corn 14/15 to be 1.672bbu and old crop 13/14 at 1.314bbu.
Soybeans as of 7:45 Down 2
Trade is guessing carryout for 13/14 134mbu and 14/15 carryout of 307mbu. Soybeans basis seems to be improving as supplies are tight. Export sales were not negative for old crop coming in at +1.5mbu whereas new crop sales were disappointing at only .5mbu vs expectations of 4-11 mbu. . New crop crush margins in China are back in the positive range while commercial ownership for new crop is relatively light.
Wheat as of 7:45 WW Down 7 SW Down 5
How big is this year’s HRW crop, especially in Kansas? Will we get the HRS seeded? North Dakota continues to see rains but not as heavy as foretasted. Trade guess for 2013/14 carryout is 558mb and the 2014/15 guess is 553m. India may have record exports. Mexico buys Russian wheat $60 a ton cheaper than US wheat.