Morning Market Insight

February 8, 2019
Abbey Miedema
Grain Marketing Specialist


Report day is here! Be sure to contact your Grain Marketing Specialist if you would like targets working for the USDA report to be released at 11am.

CORN: As of 7:45 – up 1
Corn ended 4 cents lower yesterday, in tandem with soybeans and wheat. Although we did fall through both the 50 and 100 day moving averages, we hung within the range that we’ve been in all week now. Carryout average trade guess for USDA this morning is 1.708bbu. The December WASDE was 1.781. Most of that decline is expected to come from reduction in national yield, from 178.9 to 177.9 bpa. In South America, the Brazilian crop is expected to be reduced and the Argentinian crop is expected to get larger.


SOYBEANS: As of 7:45 – up 2
Economic council director Kudrow said yesterday that the US and China are far from making a trade deal, and the markets came tumbling down to close 8 cents lower on the day. Expected carryout in the report coming this morning is around 926mbu, versus the December WASDE at 955. December 1 stocks guesses have a range of 3.41-3.87bbu. The national yield is expected to be lowered from 52.1 to 51.8bpa. Brazil’s crop is expected lower by 5 MMT.


WHEAT: As of 7:45 – Mpls steady, KC up 2
Despite solid export news, wheat was dragged lower yesterday by row crops and lack of a trade deal with China. Spring wheat was down 9 and winter wheat closed down 13 cents. December 1 wheat stocks are pegged at 1.957bbu versus last year’s number at 1.873bbu. Stocks to use ratio is around 60%, which doesn’t exactly paint a bullish picture on nearby wheat. Possibly optimistic is that Russian exports have slowed down a little bit. Winter wheat plantings number will finally be released this morning in the USDA report. The 18/19 carryout trade guess is 989mbu versus 974 in December.

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.
 

Past Morning Market Insights

    February 8th Insight
    February 8th Insight
    Feb 08, 2019 | Agtegra
    Click to hear from our Grain Marketing Specialist and get updated with the latest Morning Market Insight
    February 6th Insight
    February 6th Insight
    Feb 06, 2019 | Agtegra
    Click to hear from our Grain Marketing Specialist and get updated with the latest Morning Market Insight
    February 5th Insight
    February 5th Insight
    Feb 05, 2019 | Agtegra
    Click to hear from our Grain Marketing Specialist and get updated with the latest Morning Market Insight
    February 4th Insight
    February 4th Insight
    Feb 04, 2019 | Agtegra
    Click to hear from our Grain Marketing Specialist and get updated with the latest Morning Market Insight
    February 4th Insight
    February 4th Insight
    Feb 04, 2019 | Agtegra
    Click to hear from our Grain Marketing Specialist and get updated with the latest Morning Market Insight
    February 4th Insight
    February 4th Insight
    Feb 04, 2019 | Agtegra
    Click to hear from our Grain Marketing Specialist and get updated with the latest Morning Market Insight

Subscribe to Receive Morning Market Insight Email