Morning Market Insight

May 15, 2018
Travis Antonsen
Producer Marketing Manager
CORN:  As of 7:45 – UP 2
The Dec contract bounced off of support at the 20 day Moving Average yesterday and is higher this morning.  Planting progress released yesterday afternoon put the national number at 62% complete, 23 points over last week and just behind the 5 year average.  While states like IL, IN, OH, and MO had a big week and are running ahead of average pace, there were some significant stragglers…..notably the Dakotas and MN.  Export inspections yesterday were solid at 61.2 million bushels and is keeping the US export pace in some uncharted waters for this time of year.

SOYBEANS:  As of 7:45 – Steady
It was a strong day for beans and meal yesterday with talk of some US/China concessions early in the day along with reports of reduced Argentine meal exports spurring the bids.  Soybean planting looks to be ahead of last year and the 5 year average.  The nationwide progress number was published at 35%.  Like corn, the lagging states were in the upper Midwest.  The ‘I’ states and MO are running well ahead of average.  Export inspections were decent on soybeans yesterday as well with Egypt leading the tally sheet.  

WHEAT:  As of 7:45 – Mpls Up 2, KC Steady
The wheat markets were weaker to start the week.  HRW conditions improved 2 points in the weekly progress report.  This has some analysts nudging up their production numbers just a touch.  HRS planting progress is still running behind average.  ND and MT is just at half way and SD is 80% complete.  Wheat export inspections yesterday were towards the upper end of expectations with HRW and SRW leading the way.


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