Morning Market Insight

June 13, 2018
Abbey Kittelson
Grain Marketing Specialist

 


CORN – As of 7:45 – down 1

The USDA report yesterday lowered carryout by 105mbu to 1.577bbu in 18/19. Corn is lower overnight on favorable US weather, but staying within yesterday’s trading range. Hearing rumors of heat coming this weekend to the central US corn growing states. As far as trade goes, Japan leaders are talking with the US about working toward an agreement. Technical support lies below at 3.67 on the nearby July chart – below.



SOYBEANS – As of 7:45 – down 10

USDA’s supply and demand report yesterday showed a decrease in 18/19 stocks by 30mbu to 385mbu. That was below the range of trade estimates, but unable to produce a major gain in soybean futures yesterday. The July contract ended up ¼ cent, and overnight seeing nearly 10 cent losses. With trade issues looming and a record crop sitting in Brazilian bins, there is not much support for soybeans right now.

WHEAT – As of 7:45 – KC down 5, MNPLS down 3

The market is lower overnight after a good day yesterday in all three wheat trades. Fundamentals in the US (and world) are still bearish – still a lot of wheat out there! The Black Sea region dryness is really the only major supply issue right now. HRS acres in the US are sitting at 70% good/excellent rating and HRW harvest is sooner than expected with dry weather most of the growing season.

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