Morning Market Insight

December 11, 2018
Abbey Kittelson
Grain Marketing Specialist


Get your targets in!! Today at 11am, the USDA will release its monthly WASDE report. Increased volatility can provide added opportunity!


CORN: As of 7:45 – up 1
Spillover from uncertainty in the soy market pushed corn lightly lower on Monday. Weekly inspections came in lower than last week at 34.5mbu. 1.6mmt combined old and new crop corn was sold to Mexico this morning. Since the G-20 Summit news, the March corn chart has ranged between 380 and 386 ¾. The 50-day moving average provides support at 379. Below is a chart.



SOYBEANS: As of 7:45 – up 4
Weekly inspections came in the middle of the trade estimates at 33.9mbu. Trade tensions on the rise again pulled the soybean market back lower yesterday, especially with the recent arrest of Huawei’s CFO. Officials are questioning whether or not China will actually begin to import the number of soybeans they said they would during the G-20 meeting. We did see a 125k mt sale to unknown for 19/20, and the EU has increased their imports of soybeans by 400k mt during 18/19. Nearby beans have fallen double digits since last Sunday night’s thriller trade. Interesting to note the tweet that was just sent out by President Trump this morning…



WHEAT: As of 7:45 – Mpls up 3, KC up 2
Wheat inspections yesterday morning came in on the low end of estimates at 15.4mbu. So far, we are over 16% behind what we were last year at this time on exports. We have a lot of catching up to do in the last 6 months of the marketing year if we are to meet the USDA’s projection. Russia continues to push us out of the market on world trade and now it appears Argentina has a hefty crop to deal with. Friday’s rally fell apart and technical selling brought the wheat market back down yesterday.
 

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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