Morning Market Insight

December 12, 2018
Abbey Miedema
Grain Marketing Specialist



CORN: As of 7:45 – up 1

USDA’s report yesterday morning proved to be quiet. We saw very subtle changes to the balance sheet- a decrease in ethanol/domestic usage translated into a slight increase in ending stocks. Corn production and yield numbers were not changed in this report, but many traders are expecting fireworks on January 11th, when final production numbers will be released. December 2019 corn is above the magical 4.00 futures mark…

SOYBEANS: As of 7:45 – up 6
Trade hopes took center stage (again) yesterday when the bean market traded 5c higher (after bouncing around on both sides of unchanged for the morning). The market continues to wait for Chinese business to arise again. The USDA report did not change production/yield numbers and US carryout also remained the same. World carryout increased by 3.25mmt on expectations that Brazil will be harvesting a record crop this year. 

WHEAT: As of 7:45 – Mpls up 2, KC up 4
World production was increased in yesterday’s report, and US exports dropped, leaving wheat in the dust to trade lower. Our carryout increased to 974mbu and yet again, we confirmed our status of being the residual wheat supplier to the rest of the world. When will we see 1.0 bbu? Iraq did buy 50tmt of US wheat from last week’s tender.
 

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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