Morning Market Insight

May 18, 2018
Travis Antonsen
Producer Marketing Manager
CORN:  As of 7:45 – Up 4
Big news overnight is China withdrawing their anti-dumping probe into US Sorghum.  Planting progress is rolling very well outside of the area in SE South Dakota/SW-SO Minnesota/N 1/3 of Iowa which has had a lingering wetness issue. The number of 500K to 1.0 milling K acres switching to beans has been bantered about.  July corn is bouncing off of the 50 day moving average overnight and is bumping the $4 mark again.

SOYBEANS:  As of 7:45 – Up 4
A rough day again yesterday as July beans dipped to levels not seen since early Feb!  The market did see some bounce and interest in the overnight as we are in very oversold territory according to the technical indicators.  Does the Sorghum news lead to a change in optimism about US/China soybean trade?

WHEAT:  As of 7:45 – Mpls Up 7, KC Up 6
Higher overnight along with the row crop markets.  Big rains see overnight in south central ND and north central SD.  The drier areas of MT and ND didn’t get much in terms of precip. 

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