Morning Market Insight

7-30-18
Brad Olson
Grain Marketing Specialist
 
 Corn:  As of 7:45-   3 higher

 Quiet start to the week. Firmer overnight as crop conditions as expected to be steady to a point lower in this afternoons estimate. Nothing really threatening in the weather forecast as the crop looks to be ahead of schedule. Technically this market momentum higher for now with resistance for Sep 18 at 3.69, 3.79 and 3.89. For those of you looking for target objective for your remaining old crop bu’s as we approach the end of the season, those may be good areas to consider. 


Soybeans:  As of 7:45-  4 higher
Soybeans continue to scratch higher overnight as ideas of the US becoming more competitive in global market despite China. This was evident in the flash sale Friday of 154 tmt flash sale to unknown for 18/19. Farmer movement remains slow as we are a long way from prices we have seen this last spring. Crop rating expected to stay steady to a point lower in this afternoons estimate.


Wheat:  As of 7:45-  Winter 12 higher, Spring 10 higher
The wheat market perking up again overnight on continued fears of European and Black Sea area production along with folks still digesting estimates from the US HRS crop tour. This market looks to remain volatile, likely both sides as we sort out global production. US HRS harvest should start to pick up steam in days/ weeks to come.

 

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