Morning Market Insight

July 18, 2018
Travis Antonsen
Producer Marketing Manager
 
CORN:  As of 7:45 – Up 2

Corn traded higher all session as conditions ratings slipped slightly more than expected on Monday and futures markets seem to have found some support near term despite a favorable weather outlook. The next two weeks bring normal/below normal temperatures and normal precipitation across much of the Corn Belt.  South Korea is tendering for US corn today.
 
SOYBEANS:  As of 7:45 – Up 5
Nearby beans were up a dime yesterday as declines in crop condition ratings was supportive to the market.  Brazilian bean values continue to remain very high as they have a captive buyer in China.  This is putting the price on par with US beans with the 25% tariff….if they continue to move higher will China still buy US beans with a tariff?  7 day precip has solid 1”+ totals for much of the upper plains wrapping around Michigan and into the Ohio River valley.

 
WHEAT:  As of 7:45 – Mpls Up 2, KC Up 5
Concerns over European and Black Sea crop conditions along with some noted technical buying leading futures higher. Early spring wheat harvest starting parts of Russia showing, as expected, roughly 10% below a year ago levels.
 

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