Morning Market Insight

August 15th, 2018
Alek Heier
Grain Marketing Specialist
 
CORN: As of 7:45- Down 2
Closed strong yesterday as it continues to bounce back from recent lows. December 18 corn also closed above the 50 day moving average of $3.75 ¾ . Although we did see a pull back in the overnight. Demand is strong in both domestic markets and the export markets. There are some ideas that the corn crop won’t be able to realize the big yields projected by USDA last week is the Midwest does not see measurable moisture within the next 2-3 weeks.
 
SOYBEANS: As of 7:45- Down 7
Soybeans also closed the day yesterday with solid gains across the board. They soybean market did trend lower overnight as SX finds some resistance at $8.83. The November 18 contract has gained 54 ½ cents from its low of $8.26 ¾ on July 16th. China has unloaded a boat that was destined for state reserves, with another boat or two waiting off shore. Even with that unload U.S./China trade relations are still mostly non-existent. Forecast models show a good chance for precipitation across many of the U.S. growing areas, although the northern plains remain dry.
 

WHEAT: As of 7:45- MPLS down 5, KC down 2
Wheat also closed the day up yesterday, but saw a move lower overnight. Harvest continues in the upper Midwest with most crop reports coming in with decent yields, test weights, and protein. There are a few areas with lower protein to alleviate some of the anxiety that the entire crop will be 15% protein. Egypt purchased 420k tons of Russian and Romanian wheat for Sep/Oct, with Japan staying out of the market this week.
 

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