Grain Marketing Specialist
Corn: As of 7:45- 1 higher
Export inspections out yesterday at 10 am showed to be a bit disappointing at 720,592 well below the expectations of 900-1200. With little change in the weather forecast we appear to have an opening for some planting progress except for some possible light rain in the south and east hampering an already wet area. Planting progress reported at 47% complete nationally below the 5 yr. ave of 52. Little progress made in Missouri, Illinois, Indiana and Ohio. Emergence at 15% compared to the 5 yr. ave of 19%.
Soybeans: As of 7:45- steady to 1 higher
Export inspections mildly disappointing for soybeans as well yesterday at 349.385. While slightly below expectations we are still tracking well above what’s needed to meet USDA estimates for the yr. Planting pace reported at 14% complete vs. the 5 year ave of 17%. Tomorrow is the monthly USDA S/D report released at 11 am cst. No significant changes expected with most of the focus on 17/18 estimates.
Wheat: As of 7:45- 1 to 2 higher
Wheat seemed to be the bright spot for export inspections yesterday at 615,029 exceeding expectations. Spring wheat planting estimated at 54% complete vs. the 5 year ave of 60%. Emergence at 21% below the 5 yr. ave of 29%. Winter wheat ratings surprisingly held relatively steady only declining 1% G/E to 53% nationally. Winter wheat heading at 50% ahead of the 5 yr ave of 46%