Morning Market Insight

December 10th, 2018
Abbey Kittelson
Grain Marketing Specialist

 
Tomorrow morning, the USDA will release its monthly WASDE report. Please contact your Grain Marketing Specialist about placing targets beforehand.

CORN: As of 7:45 – down 1
Corn ended higher on Friday, in synch with other grains and supported by good exports. This was the second week in a row that export sales tallied over 1.0mmt. Mexico and Japan were the top buyers. March corn is currently supported by the 100-day moving average and added 7c on the week. Nationwide, basis appears to be improving with decent trade movement. The trade is preparing for USDA tomorrow. Most do not expect much change from last month – some eyes are already set on the January 11th report, when final production numbers will be released.

SOYBEANS: As of 7:45 – down 4
Friday’s export sales number was strong, and helped soybeans end higher on Friday. We are seeing weaker tones overnight in preparation for the USDA report. Trade takes center stage, especially in the case of soybeans. China news is relatively slow but talks still appear to be happening. January soybeans climbed 22c higher on the week but were unable to reach last Monday’s high of 923 ¾ after initial G-20 Summit news (chart below). South America’s crop is looking to be another record and is reported to be ahead of schedule in excellent growing conditions. 945mbu is the expected carryout number for tomorrow’s report.


WHEAT: As of 7:45 – Mpls down 4, KC down 3
A flash sale on Friday morning kept wheat supported during the trade. Export business lately has been decent for US wheat, as this week was well ahead of expected sales. It also happened to be the second-highest sales number of the marketing year so far. Both Minneapolis and Kansas City ended up on the week. An article in Kansas predicts this to be the 100-year low of KC wheat acres, due to unfavorable planting conditions this past fall. The average trade guess for ending stocks in tomorrow’s USDA report is 956mbu.
 

The information contained above was taken from sources which Agtegra believe to be reliable, but is not guaranteed by Agtegra as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.
 

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