Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45- Up 4
Funds short 8,500 contracts. Ukraine is forecasting a 30 MMT corn crop versus the current USDA estimate of 27 MMT. FSA acreage numbers were released and initial corn acres are 83.18 mil. 1.54 PP and 137,837 failed.
Beans as of 7:45- UP 8
Funds short 69,200 contracts. NOPA Crush will be released this morning. Estimates are 115.82-116.00 MB. Crush needs to average 108.5 MB over the next 4 months to reach USDA estimate. . FSA acreage numbers were released and initial soybean acres are 79.21 mil. 827,131 PP and 35,626 failed
Wheat as if 7:45-MW Up 3 KC Up 4
Funds short 92,000 contracts. FSA acreage numbers were released and initial wheat acres are 51.13. 1.36 PP and 1.435 failed.