Morning Market Insight
Grain Marketing Specialist
With temps rising have you checked your bins?? Let Wheat Growers check them for you with our bin probe truck!! Contact your local grain marketing specialist for details.
Corn as of 7:45- Up1
Corn export sales of 321,000 vs 336,000 last year. 232,000 new crop sales vs 154,000 last year. Slow weather pattern bringing rains to most corn growing areas daily. North Western part of area growing 23% of the crop has seen more excessive rains. 6-14 day forecast showing warm and dry conditions providing ideal growing conditions. Brazil increasing its ethanol blend to 27.5% from the current 25% which could be implemented by mid-November. This could increase their ethanol demand by approximately 1 billion liters annually.
Beans as of 7:45- Up 14
Soybean export sales “big” at 317,000 vs 14,500 last year. New sales of 457,000 vs 451,000 last year. Chinese crush margins are weaker for both new crop U.S. beans and old crop Brazil beans. Monday’s stocks report is expected to show bean stocks at 378 mbu vs 435 last year. Was last year’s crop bigger than projected and/or have we imported enough beans and meal from South America to cover domestic usage? How many DDG’s have and will replace Soybean meal in the livestock industry through the summer?
Wheat as if 7:45-MW Unchanged KC Up 1
Wheat export sales of 359,000 vs 731,000 last year. Above average rains in all but Spain not the best for ripening/harvesting winter crops, good for summer crops. Rains continue to delay/stop HRW harvest in Kansas and Oklahoma. Kansas harvested protein levels remain strong.
Monday June 30th is the stocks report. Do you have your targets in??