Morning Market Insight

Zach Harry         
Grain Marketing Specialist
Grebner Terminal
 
Corn- down 3

Corn is slightly weaker overnight as yesterdays USDA report was basically neutral and within range of the pre-report estimates. It appears as thought he U.S. is projected to have the largest year on year reduction in carryout since 2009/2010 from 2.182 to 1.682BB. This has the potential to change the structure of the board carries.
 
Soybeans- down 8 ½
On the overnight soybeans are lower, losing the momentum it gained back yesterday. The old crop US balance sheet is just fine at 530mb. The 17/18 carryout was projected at 480mb. The new crop carryout of 415mb is tighter than expected. Not much new on the China/US trade front as we wait for the resolution of these tariffs that have been threatened from both sides.
 
Wheat- down 2 ½
Wheat with little movement on the overnight down a couple pennies. The U.S. supply of wheat is more than comfortable for what we know today. Weather could be the key factor moving forward in the wheat market if the states in need of rain don’t get some soon. The southern plains are expected to experience some heat soon on top of the dryness.
 
Below are the results of yesterdays USDA report.

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