5/12/2022
Chance Scott, Grain Marketing Specialist
May 12th Agtegra Morning Market Insight

WASDA REPORT out at 11
 
Corn as of 8:00, -1
Private exporters reported sales of 612,000 metric tons of corn for delivery to China.  Of the total, 68,000 metric tons is for delivery during the 2021/2022 marketing year and 544,000 metric tons is for delivery during the 2022/2023 marketing year. Judging by the average trade estimates for today's USDA 22-23 corn production, the trade has factored in a 1 +/- bpa reduction in yield and 2 million less harvested acres versus the February Outlook Forum numbers.
Soybeans as of 8:00, -13
If the USDA shrinks the world stocks of soybeans, it is just another factor that increases volatility going forward. A little too early for yc and ysb to quit competing for acres, and it could be one of those scenarios where we lose bean acres in some places and gain them in others.
 
Wheat as of 8:00, WW -4, SW -4
Global buying starting to show a few hints of life with Pakistan confirming 500 kmt tender and the Iraqi tender closing expected across next 10 days. Trade still not totally convinced India will export wheat despite what Ministry officials say, as local media forecasting some regulations by June if slow procurement persists. A key canal that links the shallow water Ukrainian and Romanian ports with Black Sea and has been critical to continued export out of Ukraine has initiated sharp restrictions due to influx of traffic. Port has been overwhelmed with over 70 vessels waiting at the entrance with wait times already stretching past a week.