Morning Market Insight

December 3rd, 2018
Alek Heier
Grain Marketing Specialist

 
Trivia: Originally published One Horse Open Sleigh in 1857- what is this common song known as now and what holiday was it intended for?
 
CORN: As of 7:45- up 4
Corn trade overnight was firm following soybeans on news that the U.S. and China have agreed to halt the implementation of new tariffs. Argentine weather is slated to be mainly dry and much cooler than normal over the next 10 days, although dryness has not been a factor with 0% of early crop corn being drier than normal over the last 30 days. If Brazilian harvest is as early as thought (possibly starting in 3 weeks) there should be plenty of time for safrinha corn to be planted before the Feb. 20 window closes. Export inspections out at 10am- 48.4mbu needed; 44.0 mbu last week.

SOYBEANS: As of 7:45- Up 17
Big news coming out of the G20 meeting: U.S. President Donald Trump and Chinese President Xi Jinping agreed to keep the trade war from escalating with a promise to temporarily halt the implementation of new tariffs, as the world’s two largest economies negotiate a lasting agreement. In return, China has agreed to buy a substantial amount of agricultural, industrial and energy products from the U.S., aiming to narrow the bilateral trade deficit. Overnight trade was higher as the market gets excited over the China/U.S. trade talks. South American weather continues to be favorable for their crop. USDA’s crush report is out at 2pm. Trade estimates have October soybean crush at 183mbu, up 4% from last year.



WHEAT: As of 7:45- MPLS up 4, KC up 4
Wheat trades higher on the overnight following corn and soybeans and on continuation of last Friday’s strength. Weather in Russia slowed wheat exports last week with some suggesting only 3.0mmt may have been shipped in Nov. Australian crop is pegged at 16.95mmt according to ABARE for 2018/19. The U.S. is competitive for Iraq tender. Export inspections released at 10am- 24.3mbu needed; 9.3 last week.
 
Answer: Jingle Bells & Thanksgiving
 

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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