Morning Market Insight

July 10, 2018
Travis Antonsen
Producer Marketing Manager

The July USDA Supply/Demand report will be out Thursday morning……
CORN:  As of 7:45 – Down 3
Yesterday the market gave back most of Friday’s gains.  Crop condition ratings were a little lower nationwide yesterday, with some expecting a larger drop.  SD was the bright spot, if you believe the validity of the weekly condition reports……seems logical since it stopped raining in the wet parts of the state and most of the dry pockets picked up a rain around the 4th.  New Crop basis levels have firmed a touch this week and may be worth taking a look at if you have any HTA’s out there.

SOYBEANS:  As of 7:45 – Up 1
Soybeans finished the day down 22 cents,  USDA announced a sale of 132kmt of new crop beans sold to unknown. Export inspections came in about as expected at 24.1 mbu, but below our needed pace of 27.0 mbu/week to hit USDA export numbers by Aug 31st.  It was also confirmed that China would reimburse the 25% tariff on soybeans IF the beans were destined for their state owned reserves…..  Crop conditions came in unchanged at 71% vs 62% at this time last year.  SD conditions were up more than any other state.

WHEAT:  As of 7:45 – Mpls Down 5, KC Down 7
Pressure from the row crop markets are weighing on the wheat markets as well.  HRW harvest is 63% complete across the nation…….KS harvest is coming to a close at 92% complete, while SD is just getting going.  Early reports of the SD crop indicate decent yields, TW, and higher protein.  HRS conditions bumped a little this week and is now rated at 83% Good/Excellent…..

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