Morning Market Insight

Morning Market Insight

April 23, 2018
Travis Antonsen
Producer Marketing Manager
CORN:  As of 7:45 – Up 1
Higher to start the week after the market ground lower to finish last week.  Much of that weakness was attributable to the forecast for warmer temps and potential to get planters going.  The weather looks to provide a switch to warmer temps and less precip across much of the upper plains over the next 7 day (once we get past tomorrow’s rain event).  Demand remains solid as some research firms continue to raise corn export numbers for this year.  Below is a chart of soil temps and the desired 50 degree mark.

SOYBEANS:  As of 7:45 – Up 2
This past week, in terms of May contracts, soybean futures weakened 25 1/2 cents per bushel, while the November contract was down just 14.  Interesting to note that while the soy market sold off last week, the Canadian Canola market surged higher…..China looking for other protein and oil choices???  The May and Nov contracts both settled below their 20 day moving average on Friday....the first time in nearly 3 weeks.  The Nov contract did bounce off the 50 day moving average overnight at the 10.33 level….

WHEAT:  As of 7:45 – Mpls steady, KC Up 4
Weekend rains were mostly as expected with good cover-age across majority of the HRW Belt. Totals were off a bit though from early week projections, which was a bit of a disappointment to those producers.  On the HRS side, a widely followed research group is projecting the Canadian HRS acreage to be up 4% this year.  In the US, planting is off to a slow start, but is not garnering much concern as of yet.



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