Morning Market Insight

December 4th, 2018
Alek Heier
Grain Marketing Specialist

 
Trivia: Oreos are the best-selling cookie three out of four quarters of the year.  What is the best-seller of the other, which is also the first quarter?
 
CORN: As of 7:45- Down ¼
Trading lower throughout the overnight session after yesterday’s gains on support from weekend news concerning soybeans. Weekly export inspections were 40.8mb, slightly behind the 45.6mb needed. Cordonieer has left his Brazilian production estimate at 96mmt- possibly trending neutral/higher. Overall demand for U.S. corn has remained strong both domestically and globally, but ethanol margins are still unfavorable.

SOYBEANS: As of 7:45- Up 4
The hardline stance on the trade conflict seems to have softened with the 90 day truce on additional tariff implementation. Weekly export inspections were 38.3mb, which is slightly ahead of the 34.6mb needed pace. Soybeans have traded down throughout most of the overnight session, but rallied back to modest gains toward the close. There is still a lot of uncertainty over actual progress between the U.S. and China as both sides seem to have a different interpretation of the meeting between Trump and Xi. Brazilian production estimate comes in at 122mmt from Cordonieer, with harvest expected to be 10-15% complete by the end of January.

WHEAT: As of 7:45- MPLS Down 2, KC Down 5
Wheat followed strength in both corn and soybeans for the trading session yesterday with modest gains coming at the close. Although, throughout the overnight we have seen a retracement of the recent gains due to no fresh news to influence the wheat market. Canadian estimate comes in at 31.4mmt for all wheat, compared to 29.984mmt for last year. Russia has made some small sales of wheat to Algeria and Saudi Arabia to be shipped within the next 4 months.


Answer: Girl Scout Cookies
 

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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