Morning Market Insight

June 27, 2018
Abbey Kittelson
Grain Marketing Specialist

CORN: As of 7:45 – up 1
Corn prices climbed into the green during yesterday’s trade on the idea that crops in parts of the Midwest have been damaged from too much rain… but doesn’t rain make grain?? Weather is expected to be warmer this weekend. Trade is still uncertain and corn fields across most of the country look good. The market is preparing for a quarterly report on Friday… do you have your targets in???? Below is a look at the December 18 corn chart.

SOYBEANS: As of 7:45 – up 9
More trade war turmoil yesterday… or is it? Remember, the US carryout is up 200mbu from last year. Additionally, the quarterly USDA report on Friday is expected to bring an increase the United States crop that is coming in a few months – it will be here before we know it! Yesterday’s trade opened higher, but failed to close in the green from overwhelming bearish news. Seeing a bounce overnight from oversold market. 

WHEAT: As of 7:45 – Mpls unchanged, KC up 4
Egypt bought wheat yesterday from Russia as they continue to beat the United States in world trade. Harvest in Kansas has slowed down from rains, and the upper Midwest is probably a month or so away from combines hitting the fields hard. The market is trying to decide what is coming – quality or quantity. USDA estimate word ending stocks at 266mmt in the June S&D report, and adding grain to an over supplied market does not help prices, especially when demand is declining.

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