Morning Market Insight

August 20th 2018
Abbey Kittelson
Grain Marketing Specialist


CORN: As of 7:45 – unchanged
Last Friday’s corn trade ended down 1 on the nearby September contract, in the middle of a 6c daily range. We spent the day on either side of unchanged on rumors from the US & China trade story that may soon become a resolved issue vs. a big harvest coming this fall. Crop tours kick off in the Midwest this week! Will the idea of a big harvest become reality? We will see... big crops aren’t friendly to prices. Overnight, corn is unchanged to better – piggy-backing on soybeans.

SOYBEANS: As of 7:45 – up 11
Trade continues to dominate the news headlines for soybeans – hearing now that China and the US are drawing a road map to have the trade disputes resolved by November. 75% of beans in the United States received at least ½” or more of rain over the last 7 days. The forecasts for the next 7 days show more moisture is coming for the Midwest.


WHEAT: As of 7:45 – Mpls down 10, KC down 8 
Wheat closed last week sharply higher on talks of a limited Russian export program at 30mmt. This was a rumor that was repeatedly denied by Russian officials, but the trade must believe something is up. They have proven themselves to be a consistent world supplier of wheat, so if something like this were true, it would have to be under dire conditions. Routine business continues for the US wheat export program.
 

 

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