Morning Market Insight

July 11, 2018
Travis Antonsen
Producer Marketing Manager

 
USDA Supply/Demand report will be released tomorrow at 11am…….
 
CORN:  As of 7:45 – Down 3
The corn market was lower again yesterday as forecasts removed a little of the heat…..aka “Dome of Doom”.  Expectations based on the average analysts guess look for higher yield, bigger new crop carryout number in tomorrow’s report.  New contract lows overnight……7 day precip models have decent moisture for NE and IA.

 
SOYBEANS:  As of 7:45 – Down 10
An 18¼ cent trading range for soybeans yesterday as August futures closed at unchanged on the day…..quite a feat considering the corn and wheat pits.  News coming out after yesterday’s close was the announcement of tariffs on an additional $200 billion worth of Chinese products.  Watching to see what counter measures are proposed…..stay tuned.
 
WHEAT:  As of 7:45 – KC and Mpls Down a nickel to start the day
Wheat was lower as well yesterday.  The heat in the Midwest is pushing HRW harvest as SD is rolling on with harvest and reports continue to show better than expected protein and decent yields.  Estimates for the USDA report puts spring wheat production numbers at an average guess of 600 mbu vs. 416 LY and a range of 568-646 this year.  On the global level ideas are that  and we should see a decent cut in global wheat production though #’s have somewhat stabilized.

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