Morning Market Insight

December 13, 2018
Abbey Miedema
Grain Marketing Specialist



CORN: As of 7:45 – steady
Yesterday’s soybean trade took a lot of the spotlight from corn. We did stay mostly supported by the trade news with China. The weekly EIA ethanol report showed production and inventories to be well below what the trade had guessed. According to a consultant in Argentina this morning, corn production there is said to be steady at 41.0mmt. Thunderstorms are forecast for all areas there for the next week, with central and northern areas being hit the hardest. Corn exports this morning were below trade estimates and below last week’s number at 35.6mbu.

SOYBEANS: As of 7:45 – down 2
At one point during trading yesterday, soybeans were up over 10c on reports of Chinese buying from the United States again. Flash sales were announced yesterday morning to Mexico and Unknown. Cash markets were very strong, with commercials selling a rumored 2mmt to exporters. Traders seemed to keep the futures market relatively quiet on realization that Brazilian harvest is only weeks away from getting going and they are still expected to see a record crop. Exports this morning were in line with estimates, but below last week’s number.  Watch for a daily export flash for yesterday's activity!

WHEAT: As of 7:45 – Mpls up 2, KC up 6
Wheat trailed along with beans on Chinese news yesterday to end the day higher across all three classes. Export-wise, the US remained out of the ball game in yesterday’s GASC tender out of Egypt. Russia’s Ag Minister is planning to meet with exporters next week. This morning, our export number was towards the high end of trade estimates and beat sales from last week. Quality concerns may become an issue in South America, where heavy rains are forecasted for the next two weeks. Some areas are only half harvested right now. Overnight trade shows wheat trying to climb out of the bottom of the trading range.
 

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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