Morning Market Insight

August 27th, 2018
Alek Heier
Grain Marketing Specialist
 

CORN: As of 7:45- Down 3
Continuing with the down trend from last week- corn is weaker in the overnight trading session. December corn futures dip to a new low and are now within a dime of the contract low. Last week’s crop tour showed a yield of 177.3bpa, while USDA is currently at 178.4bpa. The 5-year avg. for U.S. corn dented gains 16% from Aug. 19-26 to 42%.  However, corn dented this year as of Aug. 19 was already 44%; with warmer temps forecast, suggests the potential for an early start to harvest. Rounds of heat will affect most of the U.S. corn belt with thunderstorms possible in much of the Dakotas in the next 10-14 days.


 
SOYBEANS: As of 7:45- Down 13
Not much different in the bean market as compared to the corn. Double digit losses in the overnight as November soybeans continue to fall. Contract low is sitting at $8.26 ¼. We were hearing news of U.S./China trade talks starting up again, although that doesn’t seem to be carrying much weight with the market. Last week’s crop tour pegged U.S. soy yield at a record 53bpa. A total of 11% of U.S. soybean production was drier than normal over the 14-day period ending Saturday morning, marking the lowest coverage in late-August in more than six years.
 
WHEAT: As of 7:45- MPLS down 4, KC down 8
U.S. spring wheat harvest is beginning to wind down. We seem to be adding to the overabundance of wheat at this point. U.S. winter wheat acres are expected to increase in the coming year while the farmer will head to the field in a couple of weeks. Many producers are seeing decent protein levels, but some have run into a fair amount of ergot.
 

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