Morning Market Insight

August 23, 2018
Abbey Kittelson
Grain Marketing Specialist


CORN: As of 7:45 – down 2
The ProFarmer tour continues to show good yields across the Midwest, and pulls the market lower another day. It has been a rough week from a technical standpoint. Soybean weakness did not help yesterday’s corn market. Ethanol production increased slightly, and inventories went from .3 million barrels to 23.3 million. Export sales this week were pegged at 6.8 mbu, below expectations and last week’s tally.

SOYBEANS: As of 7:45 – down 6
As is true with corn, the same can be said for the soybean ProFarmer tour. Yields are expected to be above-average across the Midwest. Trade uncertainty continues, and it was reported yesterday that the farmer aid package from USDA will be at a rate of $1.65 per bushel for soybeans, which has some traders worried that a real resolution is still quite far off. Export sales for old crop were within estimates at 5.6 mbu.....however NC sales were solid at 42.2mbu.  Weather for the next 7-10 days looks to be favorable in growing regions… big crop getting bigger?



WHEAT: As of 7:45 – Mpls steady, KC down 3 
Although the world supply continues to tighten up, the weight of the US supply on the market is too much right now. This has helped push the wheats continually downward, especially with an export program that is limited to routine business. Some are confident that this will eventually turn around, especially with weather issues in other countries limiting their crops. This week’s export sales were disappointing at 8.8 mbu, which was well below expectations and last week’s sales.
 

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