Morning Market Insight

August 21, 2018
Abbey Kittelson
Grain Marketing Specialist




CORN: As of 7:45 – down 2
Weakness from the wheat markets pulled corn lower yesterday, along with rainfall in the Midwest over the weekend and more forecasted in the coming days. Weekly export inspections reported yesterday were pegged at 43.2 mbu, which was lower than last week and lower than trade estimates. Crop conditions in the US dropped 2% to 68% good/excellent this week, 88% of the national crop is in the dough stage, and 44% is in the dent stage. The crop tour’s first day showed above average yields in South Dakota and Ohio.
 

 
SOYBEANS: As of 7:45 – down 3
After a strong overnight session and morning open, the soybean market retreated its major gains and ended steady on the day. Evidently, the trade lost confidence that the talks between Chinese and US representatives will result in renewed Chinese soy business. Day one of the crop tour showed above average pod counts in South Dakota and Ohio. Crop conditions dropped 1% to 65% good/excellent. Export inspections this week were within expectations and above last week at 23.5 mbu.
 

 
WHEAT: As of 7:45 – Mpls down 4, KC down 8 
Nationwide spring wheat harvest is still going strong with 60% of the crop harvested this week, versus 35% last week. Yesterday’s trade was sharply lower due to fund long liquidation and beneficial rains in the Southern Plains. Fears are garnering that exporters in Russia will ship as much wheat as possible ahead of the possible government cutbacks at the end of the year. The United States has seen nothing but routine business lately, even though a lot of the major world production areas are dealing with dry weather conditions. Export inspections were pegged at 12.7 mbu, below trade expectations and last week.


 

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