Morning Market Insight

December 7th, 2018
Alek Heier
Grain Marketing Specialist

 
Trivia: A date which will live in infamy.  Every battleship in Pearl Harbor sustained significant damage.  Which two ships were not salvaged or repaired?

CORN: As of 7:45- Up 1
Slightly firm in the overnight with March19 trading in a 1 ¾ cent trading range. NC19 is also still hanging around the $4.00 mark. There is some concern that the trade truce with China is beginning to show signs of falling apart. Export sales are out this morning: estimates are anywhere from 800tmt to 1.1mmt. Ethanol production remains strong with production going up week on week.


SOYBEANS: As of 7:45- Up 3
Mixed with the trade war/trade truce at center stage without any fresh news. There is some more skepticism than fact as the market awaits China’s first purchase of U.S. beans in some time. Chinese Ministry of Commerce says U.S.-China economic and trade team is communicating with smooth and good cooperation. Export sales to be released today with estimates from 600-900tmt. Soy meal is estimated from 175tmt-400tmt.

WHEAT: As of 7:45- MPLS up 3, KC Up 8
Wheat saw a rebound in the overnight, but still not far off of contract or recent lows. There is some talk that KS wheat association saying that Kansas HRW acres will be lower than last year and possibly the lowest in 100 years due to adverse planting conditions. Argentina’s harvest is estimated at 41% complete, with BA Grain Exchange expecting yields to improve as harvest moves further south. They estimate production at 19.2mmt. STATS Canada put all wheat production at 31.709mmt, above last year’s 29.984mmt.

Answer: USS Arizona and USS Utah

 

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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