Morning Market Insight

June 21, 2018
Alek Heier
Grain Marketing Specialist

 
CORN: As of 7:45- Up 1
Corn was unable to gain any momentum overnight, but CN did close about 6 cents off the overnight low. South Korea has been an active buyer in the corn market as of late. In other trade news- the EU has announced a 25% tariff on $3B worth of U.S. goods including corn. Domestic demand remains strong with both the processor and feeder markets.


SOYBEANS: As of 7:45- Down 1
Weaker overnight on the trading session, but SX seems to have found support just off the $9.00 mark. There has been more talk of the U.S. and China trying to negotiate the trade issue. Brazil’s National Agriculture Confederation is reporting that there is 6.8 mmt of soybeans on farms and in warehouses due to the high cost, and low reliability of freight to ports.

WHEAT: As of 7:45- Mpls up 7, KC up 5
Higher overnight due to technical buying after the big break in prices recently. The Philippines are tendering to buy 220,000 tons of wheat. Japan also purchased 91,188 tons of wheat, with 65,943 tons of that wheat coming from the United States. Analysts estimate that the Chinese wheat crop could be down as much as 20% year over year due to poor conditions in the major growing regions there.
 

Past Morning Market Insights

Subscribe to Receive Morning Market Insight Email