Morning Market Insight

December 5th, 2018
Alek Heier
Grain Marketing Specialist

 
Trivia: Ratified eighty-five years ago, what makes the twenty first amendment so unique?

CORN: As of 7:45- Down 1
Trading slightly weaker without any tangible progress in the U.S./China trade war. Although rumors continue- China’s buying a large tonnage of U.S. corn has not been verified. Technically CH gap is below $3.80 to $3.78 and the convergance of the 50 and 100 MA sits at $3.79. China continues to report more cases of African Swine Fever with over 600,000 hogs culled due to outbreaks.

SOYBEANS: As of 7:45- Up 2
Trading higher on the overnight close as soybeans traded down throughout most of the overnight session. U.S./China trade relations remain front and center without any real solid progress seen. Like with corn, there are rumors that China is slated to purchase substantial tonnage of U.S. beans, but we have not seen the realization of this yet. Fundamentals continue to point to a large carryout of 955mb, which may not support prices at current levels if it does not come down. Brazil’s soybean exports to China in November were up 167%.

WHEAT: As of 7:45- MPLS Down 2, KC Down 5
Lower again on the overnight as wheat futures continue to struggle with large supplies and weak demand. Wheat is seeing scattered global demand, but U.S. hasn’t garnered much interest overall. Russia/Black Sea are still competitive in the world market. Ukraine has also resumed shipping grain out of the Azov port, but Russian relations remain quite strained due to recent events. China sold 261.954tmt of wheat from state owned reserves at auction recently for $348.79/tonne.

Answer: Only one to repeal a prior amendment
 

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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