Morning Market Insight

Zach Harry
Grain Marketing Specialist
Grebner Terminal
 
Corn- Up 1 ¾

On the overnight corn gained back a little bit from what they lost yesterday due to being pressured by improved weather outlook. Planting progress is estimated to be about 39% vs last year at this time of 45%. Brazils second crop is being negatively impacted by some dry conditions, which is evident by the dropping production estimates. July corn futures are still finding itself above the $4.00.
 
Beans- Up 6
Beans gained back a little bit of ground on the overnight from the big hit it took yesterday due to the lack of progress from the US/China trade negotiations. Beans are estimated to be about 15% complete vs 5% last week. China’s imports were lower than expected, down 13.7% from last year. Argentina production estimates are lowered from 39mmt to 38mmt.


 
Wheat- Up 1
USDA reported US spring wheat planting at 30% complete, well behind the 5 year average of 51%, but country reports seem to think 30% in definitely on the light side. The southern plains still need rain, but North Dakota and Eastern Montana dryness is also something that needs to be paid attention too.
 

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