Morning Market Insight

December 14, 2018
Abbey Miedema
Grain Marketing Specialist


Today in History – Wrong direction for the Christmas season… Norwegian Roald Amundsen became the first explorer to reach the South Pole on December 14, 1911.

CORN: As of 7:45 – up 2
A very quiet day yesterday as corn traded both sides of unchanged before ending the day a penny lower. It was pushed lower by a struggling bean market but remained supported on continued decent demand. Hearing rumors that China may start buying US corn if all keeps going well, which is keeping the market supported this morning. Happy FriYAY! December 2019 futures are staying above 4.00, while US acres are supposed to increase a few million acres next year… be thinking about locking in a profit when the opportunity comes!


SOYBEANS: As of 7:45 – up 1
Yesterday’s trading action in soybeans ate up what we gained on Wednesday, ending lower by double digits. The trade seemed to be looking for more sales than what we have seen so far to China, and export sales yesterday were nothing impressive. 1.13mmt to China was announced in the flash report at 8am, and we are hoping for a similar announcement to be made soon! In White House news… Ag Sec. Perdue announced after the trade that a 2nd round payment will most likely be approved. Brazil weather conditions appear to be so far, so good, but a few small areas are being monitored for dry conditions.

WHEAT: As of 7:45 – Mpls down 1, KC up 1
Despite pressures from corn and soybeans, wheat managed to end in the green on Thursday. Led by Russia, world values have rallied. Russian officials are rumored to be meeting with exporters to discuss current logistics and availability of reserves into the new year, which helped push US wheat higher… Lord knows we have plenty to spread around. Our export sales number yesterday morning was decent. Argentina’s wheat farmers are struggling with rains during harvest, and their production expectations are starting to come down.
 

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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