Morning Market Insight

June 26, 2018
Abbey Kittelson
Grain Marketing Specialist


USDA Grain Stocks and Planted Acreage report this Friday 11am CST. Contact your local Grain Marketing Specialist for more details!



CORN: As of 7:45 – up 3
Lower yesterday in conjunction with soy and wheat markets after more tough trade talk from Trump (say that 5x?!). Mix that with good US crop conditions and you have yourself a market that is hard up for bullish news lately. The weekly conditions report showed that 77% of the US crop is rated good/excellent, vs. 78% last week. As we approach the pollination period, the market could become sensitive to that weather forecast. Export inspections were down from last week at 59.5 mbu. Overnight, seeing a bounce of 3-4c as the market is a little oversold.

SOYBEANS: As of 7:45 – up 5
Crop conditions yesterday were unchanged at 73% good/excellent. Export inspections were well below last week at 18.9 mbu. The entire soy complex took a hard hit from trade war talks: meal down $6-7, oil down 27, beans down 20c. Like corn, we are bouncing from oversold funds overnight. Trucking in Brazil is an issue right now, as the Chinese want almost exclusively South American soybeans to feed them. In addition to this, corn harvest in the upcoming month will require trucks to get the product to market.

WHEAT: As of 7:45 – Mpls up 3, KC up 2
Trade tensions and favorable weather also weighed on the wheat markets yesterday. Seeing wheat follow corn and soybeans this morning as we are a few cents better. Wet weather recently in the HRW belt during harvest doesn’t appear to have done much damage, just set the combines back a few days. Yields seem to have taken the “better than expected” route so far, and protein levels are excellent. The Black Sea region is thirsty for a rain, as they are in the late season of wheat growing.  Export inspections were slightly lower than last week at 13.0 mbu. 

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