Morning Market Insight

June 5, 2018
Brad Olson
Grain Marketing Specialist                                                         
 

Corn: as of 7:45- 2 higher
Corn pressured lower yesterday posting double digit losses. Generally favorable weather, fund liquidation and a lack of trade negation being listed as the reasons. Weekly export inspection came strong towards the higher end of the estimate at 1.554 mmt. Planting progress estimated at 97% complete, emergence at 86% and conditions at 78% g/e- declining 1% from last week but still above the 5 yr ave of 68% g/e.
 

 
Soybeans: as of 7:45- 1 higher
A lack of trade news and generally favorable weather also the culprit for lower soybean price movement yesterday as well. Nov beans dipping overnight, just filling the gap at 10.15 ¾ before coming back to slightly higher. There was an announcement of 114.2 tmt of 18/19 crop export sale to Mexico announced at 8 am. Export inspections at 557 tmt which was right in line with expectations. Soybean planting progress at 87% complete, emergence at 68% and conditions 75% g/e for the first week of condition ratings.
 

 
Wheat: as of 7:45 – Spring 7 higher, Winter 9 higher
A dissapointing export sales number of 341 tmt- falling behind the ave trade estiamte, along with pressure from what is seen as more favorable weather noted as being the drivers lower yesterday. Concerns about the crop size of both Russia and Australia did along with a little bounce from yesterday keeping the complex firm overnight. Spring Wheat planting estimated 97% complete, 81% emerged and rated at 70% g/e. Winter Wheat estimated 83% headed, 5% harvested and rated 37% g/e- dropping 1% from last week.


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