Corn is trading slightly lower this morning after yesterday’s slight loss. Yesterday’s export inspections were in line with expectations and total inspections are 33.5% ahead of last year, but traders would like to see more grain shipped to China.
The Stocks and Acreage report will be released on Thursday, and early estimates have corn acres falling by 2.6 million acres and total planted acres estimated at 92.03 million acres. Corn stocks are estimated at 8.44 bb which would be 1.04 bb higher than the previous year.
Last night, the Francis Scott Key bridge in Baltimore was struck by a container ship and collapsed. There were many casualties, and the incident is also expected to disrupt shipping.
Soybeans are trading lower this morning after a strong move higher yesterday that was led by soybean and palm oil. Currently, both soybean meal and oil are trading lower but have trended higher over the past month.
Yesterday’s export inspections were also within expectations and came in at 28.2 mb which was above last week, but total inspections are down 18.7% from last year as South America gets the bulk of business.
Brazil’s soybean harvest is now called at 70% complete with key growing state of Mato Grosso reportedly complete. Brazil’s second crop corn plantings are completed now, and there is a slight concern for hot and dry weather.
All three wheat classes are trading lower this morning with KC wheat leading the way lower. Yesterday’s export inspections were on the low side at 11.6 mb, and no wheat was reported to China.
Crop ratings for US winter wheat have been updated and have improved overall. In Kansas, the good to excellent rating fell to 53% from 55% last week, but Oklahoma improved by 9% to 70%, and Texas improved by 5% to 51%.
In Brazil, trade has been slow in the wheat market with prices sliding lower. High quality wheat in Brazil has reportedly been hard to come by, and buyers have turned to Argentina which is abundant in high quality wheat and also cheaper than Brazil.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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