Morning Market Insight

June 28, 2018
Abbey Kittelson
Grain Marketing Specialist


CORN: As of 7:45 – down 1
Yesterday’s corn market was higher for most of the session as traders are starting to take into consideration the extended forecasts, which call for hot weather in the corn belt. However, the market closed unchanged, due to the fact that trade war concerns are still a limiting factor to the upside. Preparation for the USDA report tomorrow morning is also underway.



SOYBEANS: As of 7:45 – down 3
Although we started the morning higher yesterday in soybeans, we were unable to hold onto gains during the day, and ended the session unchanged. You guessed it… trade is still an issue, although there are rumors that tensions are beginning to ease. Negotiation takes time, but July 6th is coming soon, and that is the deadline for a trade deal to be made between the US and China.

WHEAT: As of 7:45 – Mpls up 1, KC down 1
A new contract low made yesterday in spring wheat and overnight barely holding above that low. Inter-market spreading going on kept winter wheat supported, but still trails the spring wheat market by 75 cents. Harvest in Kansas is going better than expected, despite rains that have slowed down harvest. Syria is looking for wheat and per usual, it appears that Russia is first in line to give them the best value on the world market. Below is a look at the July contract for Minneapolis wheat.

 

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