Morning Market Insight

June 6, 2018
Brad Olson
Grain Marketing Specialist                                                         

Corn: as of 7:45- steady to 1 higher
A little turn around Tuesday action yesterday.Mixed weather with the the 6-10 day showing ave to above ave moisture and above ave temps for much of the corn- belt. Brazilian corn estimated lower 1.0 MMT to 81 with an even lower bias. Light news day expected with weather and trade being the focus. Techncially we look to be stabilizing mometum with resistance for CN8 at 3.92 and 3.99.

Soybeans: as of 7:45- 1 higher
Lack of fresh news for both trade and weather had this market mixed both yesterday and overnight. A possible breakdown of trade continues to hang over this market keeping a lid on things. Brazilian crop estimates increased 1.0 MMT to a record 117 MMT. For the time being the technical path of least resistance looks to be lower with momentum indicators bearish.

Wheat: as of 7:45- Spring 4 higher, Winter 7 higher
Turn around Tuesday being fed by concerns of Russian crop size seemed to be the reasons behind yesterday’s recovery. Harvest continues in Texas/Oklahoma with thoughts of Kansas firing up not far behind. Crop size for both US and World looks to be shrinking but large stocks continue to hang over the complex. 

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