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The FBN Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
In the overnight session soybeans pushed a bit higher with November up 4 cents. December corn traded up ¾ of a penny and Chicago Wheat was up 2 ¼ cents. Rains expected in the eastern Midwest will likely delay harvest over the weekend and into Monday. Further precipitation in the eastern Midwest is expected to delay harvest even more late next week.
EXPORTERS SELL 198,000 METRIC TONS OF SOYBEANS FOR DELIVERY TO CHINA DURING THE 2017/2018 MARKETING YEAR. EXPORTERS SELL 120,000 METRIC TONS OF CORN FOR DELIVERY TO SPAIN DURING THE 2017/2018 MARKETING YEAR. EXPORTERS SELL 125,000 METRIC TONS OF CORN FOR DELIVERY TO UNKNOWN DESTINATIONS DURING THE 2017/2018 MARKETING YEAR- USDA
Today the Ukrainian Agricultural Ministry announced that Ukraine has planted 90 percent of the expected winter wheat area. The report showed 5.5 million hectares of winter wheat compared to the 6.15 million hectares that are expected. Harvest pace in France has progressed this week with the latest report from FranceAgriMer reporting that 56 percent of the crop has been harvested, up from 28 percent last week. Soft wheat planting progressed to 47 percent complete up from 20 percent last week.
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Informa released their latest 2018 planting estimates yesterday. Their forecast is for corn plantings next year to be at 90.460 million acres and soybeans at 90.347 planted acres. This compares to the latest WASDE report that shows planted acreage for the 2017 crop at 90.4 million acres for corn and 90.2 million planted acres for soybeans. Informa also estimates that all wheat acreage planted for the 2018 harvest will be at 45.875.
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