Morning Quick Notes

Overnight

  • Grains are misxed in early trade with wheat lower
  • Wheat is off 1 1/2 cents
  • Corn is higher by 2 3/4 and beans are up 5 1/2 

Headlines

  • Yesterday’s U.S. weekly export inspections showed Wheat exports running 10% behind a year ago with the USDA currently forecasting an 11% increase on the year,
  • Corn 47% ahead with the USDA up 1% for the season and Soybeans 37% behind with the USDA having forecasted a 12% decline.
  • Brazilian crop agency Conab cut its forecast for the 2018-2019 soybean harvest, trimming its estimates for every region of the country
  • Conab’s current forecast of 115.3 million metric tons is down over 3% from last year’s harvest
  • Brazil’s farm secretary announced that their next official survey would be likely to “show a further crop decline”

 

Chart of the Day

Corn export inspections fell for the third straight week, to 29.3 million bushels, compared to 35.5 mbu the week prior and 33.3 mbu on the same week last season. The general counter-seasonal downtrend continues; corn inspections averaged have averaged just shy of 40 mbu per week so far in the 2018/19 marketing year, compared to just 26.8 mbu over the first 23 weeks of last season, but inspections from here on out through the remainder of 2017/18 (up to August 31, 2018) averaged a stout 57.0 million bushels per week