Morning Market Insight

December 6th, 2018
Alek Heier
Grain Marketing Specialist

 
Trivia: On this day in honor of St Nicholas, treats and small gifts or twigs and coal are left in what object?
 
CORN: As of 7:45- Down 1
Corn traded narrowly overnight with CH trading in a 2 cent trading range throughout. Continued talk of the trade war is holding the market steady. Corn, milo, DDGs and ethanol all hope to benefit from a renewed trade with China. Export sales will be delayed until tomorrow due to yesterday’s National Day of Mourning for former President Bush. Carryout is estimated to be around 1.738bb, which is nearly unchanged from the November report. Ukraine continues to be competitive for some world business as they take advantage of record production.

SOYBEANS: As of 7:45- Down 9
Still no concrete answers in regards to the trade conflict with China. U.S. soy exports are non-existent to china at this point. There is news that China has agreed to buy Argentinian soyoil, but not soymeal. China has reported yet another case of African Swine Fever, which has brought them to the U.S. for some pork imports. There is also news that Canada has arrested the daughter of a Chinese tech executive this weekend, possibly straining talks. Brazilian weather continues to be ideal with early harvest expected in late December/early January. Some estimates out of Brazil say production could be up 14% from last year.

WHEAT: As of 7:45- MPLS up 1, KC Down 2
Lower to unchanged throughout the overnight. Egypt’s GASC tendered per usual with a market dip. Taiwan has also bought 110tmt of U.S. whea, along with Japan buying 63tmt. We are beginning to enter the time slot in which U.S. wheat exports see a bit of an up tick. The UN’s FAO lowered its 2018/19 world wheat production forecast to 725.1mmt, down 2.8mmt from previous estimates and 35mmt lower than a year ago.
Answer: Shoe
 

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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