Morning Market Insight

June 4, 2018
Brad Olson
Grain Marketing Specialist                                                         
 

Corn : as of 7:45 - 4 lower
 
Solid exports last week seemed to have given way to crop conditions/weather for the time being. Planting progress all but wrapped up. G/E ratings 79% last week and is expected to hold steady or possibility slightly increase in this afternoons estimates. For now ratings and early yield estimates look to be the focus as we approach final acreage estimates towards the end of the month. How close will we be to the prospective planting estimate? Export inspections out at 10 am expected to be slightly higher than last week.
 
Soybeans : as of 7:45 – 9 lower
 
Planting progress, weather and ratings look to be a focus and then add some technical selling to mix and we have overnight pressure on this market. Planting progress this afternoon expected to be around 85%, slightly above the 5 yr. ave. We also get our first rating estimate which is expected to be somewhere in the 75-80% G/E. Trade negotiations will also hang over this market as well. Stay tuned…  Technically momentum indicators have turned bearish, for the time being with support at 10.24 SX8 and then possibly looking to filling the gap at 10.15 SX8.



Wheat: as of 7:45- Winter 10 lower, Spring 3 lower
 
Scattered rainfall is expected to have helped both HRW in Kansas and HRS in North Dakota. Both winter wheat and spring wheat ratings expected to improve in the this afternoon’s report. Harvest picking up steam in Texas/Oklahoma as we hear estimates in the 10-50 bpa range with decent TW and Protein. The real question will be what the impact of abandoned acres will have on overall production and how that will play into a large carryout. But for now it looks as if the rainfall in key areas seems to have the focus overnight as recent gains continue to erode.


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