Morning Market Insight

8-3-18
Brad Olson
Grain Marketing Specialist

  
Corn:  As of 7:45-  unchanged
A firm wheat market helped firm corn yesterday as was evident early on trading as much as 7 higher before fading as the wheat market faded to 2 higher. USDA WASDE report next Friday at 11 am CST. Crop development remains ahead of schedule- coupled that with the recent corn rally processors look to be getting close to having coverage until harvest.  Technically 2 of the 3 momentum indicators that I watch remain bullish.

  
Soybeans:  As of 7:45-  10 lower
Yesterday into last night it appears that tariffs are trumping (no pun intended) weather as we erase all gains made earlier this week.  Weather still shows a warmer/drier outlook but lessening some as we move into the crucial Aug time period.


Wheat:  As of 7:45-  Winter steady, Spring 3 higher
Rinse and repeat- concerns over world production seem to keep this market volatile. Early US HRS yields are showing a large range with generally higher protein levels. Yesterday we had a large 28c range before settling a modest 2 ½ c higher in MWU8. In my humble opinion, this is wonderful example of how well targets can work as things happen fast.
 

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