Morning Market Insight

May 14, 2018
Travis Antonsen
Producer Marketing Manager
CORN:  As of 7:45 – Down 1-2
Corn ended last week on a lower note with the July closing down 5½ at 3.96½, ending the week 9¾ cents lower.  Planting progress is thought to be 55-60% complete today.  The trade is still trying to hone in on the actual size of the Brazilian corn crop.  After posting new highs on the USDA S/D report on Thursday, the Dec market is teetering right at the key support area at the 20 day moving average at 4.13 ¾. 

SOYBEANS:  As of 7:45 – Up 4
Soybeans were the weakest link to finish last week as the market absorbed a fair amount of selling in the meal complex which rushed over into the soybean pit.  Argentina is in the midst of a foreign exchange crisis as their currency tanks….to me it give their producers more reason to hold stocks of grain as a hedge against their high inflation and keeps grain off the market and out of the crushers hands.  The trade is anticipating planting progress to be around 30-35% complete in today’s USDA Crop Progress Report.  Widespread rains of 1” or more will be welcome for those who have crops planted and will hinder some progress for those who don’t…..

WHEAT:  As of 7:45 – Mpls Down 1, KC Down 4
Wheat markets couldn’t escape the selling enthusiasm that was seen in the corn and soybean markets and closed lower on the week by 38 cents in the KC market, 18 in Mpls.  Currency moves across the globe are making for changes in grain flows… is rumored that Russia has traded at least 7 HRW boats to Mexico, made possible by moves in currency relationships.  Spring wheat planting progress is behind and is expected to be around 50-60% complete in this afternoon’s report.

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