Morning Market Insight

June 29, 2018
Abbey Kittelson
Grain Marketing Specialist

The USDA will release their quarterly acreage and grain stocks report this morning at 11 am CST. Contact your Grain Marketing Specialist to place a target and take advantage of added volatility!

CORN: As of 7:45 – up 3

News in the corn market is still focused on weather, trade, and carryout. The first half of July weather forecast is somewhat supportive, with above normal temps/below normal precipitation expected. A very weak close yesterday going into report day today. The trade is expecting an increase in national acreage and yield from March. Quarterly stocks are guessed to be 5.268 vs. last year at 5.229mbu.

SOYBEANS: As of 7:45 – up 4

The soybean market closed lower yesterday and I sound like a broken record. Trade is bad (for now) and weather is good. More chatter today that the trade war is dissipating, or at least trying to leave ag products out of it. Will those rumors become true? Either way, we are garnering some support from that this morning. Expectations for the USDA report are an increase in US acreage compared to the March report. Stocks are expected to increase from last year’s .966mbu to 1.225. 

WHEAT: As of 7:45 – Mpls up 4, KC up 4

The spring wheat crop in the US looks fantastic, and we have the market to prove it, as new lows are being made on a regular basis in Minneapolis lately. Seeing support overnight after a week of lower days. Winter wheat harvest is coming along nicely. Russian wheat is expected to be a smaller crop because of weather conditions. The trade expects to see a drop in US wheat acreage this morning from USDA. Stocks expected at 1.091 vs. 1.181 a year ago. 

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