Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 1/2
Corn was trading two-sided overnight with corn futures trading firm at the close this morning. The trade is expecting crop conditions to decline a little after recent heavy rains. Some traders become concerned with warmer temps as parts of this crop get closer to pollination but forecasts do not look threatening. Upper Mississippi and Minnesota rivers are beyond flood stage as river come out of their banks with barge loading at a standstill.
Beans as of 7:45- Up 16
Higher all night and seeing double digit gains as wet fields become a major concern to some traders. Excessive rain has caused field and river flooding, threatening some planted acres in the US and has the trade expecting poorer crop conditions in today’s report.
Wheat as if 7:45-MW Up7 KC Up 5
Rains fall across Oklahoma and Kansas, disrupting HRW harvest and raising quality concerns as the crop closes in on maturity. Egypt was buyers to 120mmt of Romania and 60mmt of Russian wheat @ $20 a ton cheaper than US wheat.