Morning Market Insight

August 7, 2018
Travis Antonsen
Producer Marketing Manager

 
CORN:  As of 7:45 – UP 1
Crop conditions were lowered a touch yesterday in the weekly USDA Crop Conditions/Progress report.  Nationwide ratings slipped 1%, with notable changes noted in SD (-5), ND (-5), MO (-7) and IA (-3).  Interesting to note how far crop development is compared to the 5 year average……nationwide 53% of the crop is in the dough stage, compared to the average for this date at 37%.  Getting good support from the wheat markets, Dec corn made another run at the 50% retracement level at $3.89 overnight and was stopped at $3.88.

 
SOYBEANS:  As of 7:45 – Up 9
Soybean conditions were down 3% nationwide this week with notable changes seen in ND (-9), SD (-4), MO (-6, and IA (-3).  Some precip fell across northern MO, SW MN, and SE SD over the past 24 hours.  It looks like that will be the last of the precip for the next 7-10 days.
 

WHEAT:  As of 7:45 – Mpls Up 5, KC up 3
USDA reported HRS at 13% harvested in yesterday’s report.  The wheat markets remains strong as production issues/concerns continue to ring through the market.  Ukraine is said to cap wheat exports at 8 MMT this year, down from 10 MMT in 2017.  Sept KC did put in a new high overnight/this morning as we pushed to $5.98 ¾.

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