Morning Market Insight

August 9, 2018
Travis Antonsen
Producer Marketing Manager
CORN:  As of 7:45 – UP 1

Above normal temps and little chances for precip will put some stress on corn and bean crops into early next week.  The August USDA S/D report is out tomorrow and the average trade guess on corn is yield at 176.2……production at 14.4 billion bu. Export sales out this morning were toward the top end of the range at 21.8 million bushels with Mexico and S Korea being our biggest shoppers this week.

SOYBEANS:  As of 7:45 – Steady
Beans and meal finished higher and oil weaker yesterday as talk of tightening Chinese supplies and stronger rapeseed prices provided support.  Trade estimates for the soybean crop stand at 49.6 bu/A and 4.407 billion bushels of total production.  Soybean export sales exceeded expectations this week at 15.5 million bushels with the Netherlands and Egypt leading the charge.

WHEAT:  As of 7:45 – MPLS Down 8, KC Down 8
Wheat futures were unable to hold early levels of strength but did close firmer yesterday. Global production questions continue to underpin the wheat market with Australian dryness at the heart of that. Germany reportedly cut its wheat production forecast to 19.2 MMT, down nearly 20% from LY.   The market is expecting a sizable European production cut by the USDA tomorrow.  Interesting to note that Germany bought 400k tons of feed wheat from the Black See region this week, after a similar purchase last week.  Wheat exports were middle of the road at 11.6 million bushels with HRS leading the classes.

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