Morning Market Insight

June 22, 2018
Alek Heier
Grain Marketing Specialist

 
CORN: As of 7:45- Up ½
Light trade in the overnight as CN sees a 2 ½ cent trading range. The European Union tariffs on U.S. goods take effect today, which includes U.S. corn. An announcement on RFS is expected soon. Overall U.S. weather remains favorable. There are a few areas that are a bit wet, but also a few areas that are a bit dry. Overall global demand remains strong, and domestic usage also remains strong.


SOYBEANS: As of 7:45- Up 7
Overall U.S. weather again remains favorable for most of the growing areas. The U.S. versus China trade spat is still at the forefront of the market. Brazil premiums have been firming with the Brazilian farmer selling being almost nonexistent with the freight cost increase. Due to the high cost of freight to move Brazilian beans to ports a reported 60 ships have been delayed.


WHEAT: As of 7:45- MPLS unchanged, KC down 4
Mostly lower overnight as overall wheat fundamentals remain negative. The U.S. winter wheat harvest has been progressing around the rains that they have been getting down south. The overall U.S. HRS crop is looking pretty good. Japan has not moved from their position on Canadian wheat after a GMO trait was found. Estimates on the crop size in Russia remain variable, depending upon which source you look at.
 

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