Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Down 2
Corn rated 74% good down 2 from last week and 65% last year. Best rated crop on date since a 77% rating in 1999. South Dakota rating was down 3. End user margins remain in the black. Market still awaits EPA RFS ruling at some point before 2014 is over. Weather remains relatively wet with light rains expected to fall this week from Texas to Canada.
Beans as of 7:45- Down 10
Soybeans 95% planted vs 91% last year and 94% average. Soybean rating is only down 1% to 72% good 65% last year. Best rated soybean crop rating on this date in over 28 years!! Drier weather is needed to dry out soggy fields and to allow for planting of the remaining acres/double crop acres. China is overbought and is attempting to sell some state owned reserves.
Wheat as if 7:45-MW Unchanged KC Down 1
Winter Wheat 33% harvested vs 31% last year. Spring wheat rated 71% good down 1% from last week and 70% last year. Weather forecast appears likely to disrupt harvest across southern growing areas. It appears Kansas yields have improved from expectations. Spring wheat farmer has tremendous bushels at home, and has given no indication they are ready to haul it.