Morning Market Insight

June 7, 2018
Brad Olson
Grain Marketing Specialist                                                         

Corn: as of 7:45- 3 higher
Generally favorable crop conditions along with trade tensions have been hanging on this market. July corn finding support at Mar lows of 3.77 yesterday before firming overnight. Ethanol grind reported at 1,041,000 bpd unchanged from last week but up from last year. Export sales for the week at 838.6 for 17/18 and 418.3 for 18/19 falling on the high end of expectations.
Soybeans: as of 7:45- steady
Generally favorable conditions and a lack of progress in trade negotiations pressure the bean complex as well as we approach the June 15th deadline to enact $50 billion worth of tariffs on Chinese goods.  Now that Nov beans have filled the gap look for support at May lows of 10.02. Export sales at 164.8 for 17/18 and 34.7 for 18/19 falling light of expectations.
Wheat: as of 7:45- Spring 9 higher, Winter 12 higher
Harvest pressure and recent rains in ND gave way to concern about both the US and the Eastern European crop size adding strength to the wheat complex. Rain forecasted for much of ND. Export sales at -19.4 for 17/18 and 250.9 for 18/19 falling within the range of expectations as we transition crop years.

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