5/11/2022
Chance Scott, Grain Marketing Specialist
May 11th Agtegra Morning Market Insight

Corn as of 8:00, +5
France's Ag Ministry is forecasting a near-6% decline in corn area this spring with soft wheat acres falling close to 4%. Farmers said to be shunning corn in response to sharply higher fuel and fertilizer costs. Last week's grind was 969,000 barrels per day, versus 979,000 on this date last year. The ethanol stocks last week were 23.887 million & last year for this week were 19.393 million. Field activity in IL surged yesterday where fit and the weather forecast is very open, will be a good test of what’s possible to get done in a week’s time.
 
Soybeans as of 8:00, +2
Brazil soybean production est. is lowered by 1.0 MMT this week to 122.0 MMT. Still challenging outlook for N. Dak and a good chunk of Minnesota as wet weather continues to be in forecast. Market expecting firming ending stocks in US. Trade est. of 227 old crop c/o vs 260 LM.
 
Wheat as of 8:00, WW +7, SW +10
Reminder WASDE is out Thursday with a wide range of production for HRW forecasted. After another hot and windy week in KS, it will be interesting to hear what the KS wheat tour finds next week.