10/15/2021
Bailey Masat, Grain Marketing Specialist
October 15th Agtegra Morning Market Insight

As of 7:45

Corn: Up 7
The grain markets are starting off higher to end the week. Looking for a mostly firm day with producers anxious for a dryer week to resumes harvest activity. The rain delay allowed for a week of usage and logistics to ease up space concerns across the corn belt. The weekly EIA ethanol report put production at 1.032 mbpd vs the average guess of 985 mbpd. Inventories declined about as expected to 19.847. Corn export sales were with the expected range of 40.9 mbu.

Soybeans: Up 8
Soybeans continue to rebound this morning. The markets will be watching today’s NOPA crush report with the average guess at 155.1 mbu. Chinese meal production and stocks are at the lowest levels since mid-Feb as Oct imports have slowed and domestic crushers have slowed with the energy restrictions. The bean weekly export sales were at the higher end of expectations at 42.2 mbu.

Wheat: Mpls up 10. KC up 9.
Both wheat markets are higher this morning as well due to a combination of a weaker US Dollar, firmer surrounding commodity/energy/macro markets, and rumors of Chinese wheat purchase support prices. The corn and bean harvest being delayed by weather has also delayed SRW wheat planting progress in portions of the Eastern grain belt. Wheat export sales were above estimates at 20.9 mbu.