Morning Market Insight

April 30, 2018
Abbey Kittelson
Grain Marketing Specialist
 
CORN: As of 7:45 – up 3
Friday’s corn market ended higher on support from the soy complex and continued thoughts of delayed planting across the Midwest. There is also a story in Brazil about 40% of their second crop located in the southern regions, where rain is needed, but almost none is in the forecast. Export inspections will be released at 10am this morning. Crop progress report out at 3pm. 16-18% complete is expected vs. the 5 year average at 25%. July corn has climbed above its 4.00 resistance level overnight.

 

SOYBEANS: As of 7:45 – up 6
Beans had a big day on Friday, thanks to support from meal and the story it is garnering in South America. A wet forecast is slowing down their harvest progress and a damaged export terminal is clogging logistics. Some traders believe that one of the docks at largest grain terminal in Argentina may take up to a year to repair, and that is causing some panic for meal buyers. The affected facility exports up to 20% of the country’s meal production. We continue to see evidence of a smaller crop in Argentina due to this year’s dry weather as progress continues.
 
WHEAT: As of 7:45 – KC up 4, MNPLS up 7
Despite a bearish report from Stats Canada, KC and Minny wheat were both able to end higher on Friday. Wheat planted area in Canada was estimated by Stats Can up 13% from last year. This would be the first time area has increased for wheat there since 2013. Crop tour kicks off in Kansas today. No major gains are expected in spring wheat planting this week.

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