Morning Market Insight

April 26, 2018
Travis Antonsen
Producer Marketing Manager
 
The enrollment deadline for the Soybean Market Base Builder program is Monday, April 30th……contact your nearest Agtegra location or Grain Marketing Specialist for details.
 
CORN:  As of 7:45 – Steady
The futures market was firm yesterday as some concerns are being raised on dryness across some of Brazil’s second crop of corn.  The weekly Ethanol production number fell below expectation to 985K barrls/day. Stocks posted a higher than expected build, up 357K to 21.7 mln.  Export sales out this morning were below expectations at 27.4 million bushels.  Mexico was the largest purchaser and there were sizable cancellations by ‘unknown’ and China.  Planting is near....below is a soil temp map for this morning.  MN looks to be a ways away.


 
SOYBEANS:  As of 7:45 – Up 4
Soybeans were also firm yesterday in tandem with wheat and corn.  Noteworthy is the story out of Argentina of a ship that hit the loading structure of terminal T6 yesterday (it is on youtube).  Initial reports say that the terminal, which loaded 22% of Argentina’s SBM last year,  will be down for 30 days.  This pushed SBM futures higher and pulled soybeans along with it.  Soybean export sales were also below expectations at only 13.6, with Indonesia and the Netherlands being the big buyers.


 
WHEAT:  As of 7:45 – Mpls Up 1, KC Down 3
KC wheat led the complex again yesterday and finished 14 ½ cents higher on the day.  Increasing reports and concerns about the freeze damage from the April 14-15th system.  Next week will be the Wheat Quality Council tour and will be in the spotlight.  Below is a chart of KS conditions as of this week.  Export sales were good this morning at 10.9 million bushels, but just below the 11.7 needed to hit the USDA targeted export volumes for this marketing year.


 

Past Morning Market Insights

Subscribe to Receive Morning Market Insight Email