Morning Market Insight

May 1, 2018

Abbey Kittelson

Grain Marketing Specialist

 

 

CORN: As of 7:45 – up 1

Yesterday’s crop progress report pegged planting in the US at 17%, behind the 5-year average of 27%. That progress is still next to zero in North Dakota, South Dakota, and Minnesota. Trade was led higher by dry conditions in South America, where a respected crop analyst lowered his estimate for Brazilian production by 1.0 million tons to 86. His Argentine estimate was unchanged at 32 million. Overnight technically, we have seen a small trading range, and July corn holds above $4.00.

 

SOYBEANS: As of 7:45 – down 3

Yesterday’s soy trade was somewhat disappointing as we closed near lows for the session yesterday in beans, oil, and meal contracts. July futures hit 2-week highs before falling back below the 50-day moving average. The USDA did announce a sale of 120k MT to Argentina yesterday morning. US planting is in line with the 5-year average at 5% complete. Trade is being discussed at a meeting in China with their leaders and US diplomats.

 

 

WHEAT: As of 7:45 – KC down 3, MNPLS down 5

Weather was the forefront of yesterday’s wheat trade. The HRW belt in the US plains looks to remain dry through the week in its driest areas. Eastern Kansas and Oklahoma seem to have good chances of rains late in the week. Although the winter wheat crop in the south will most likely have a weaker tone this year, some scouts in Kansas have suggested that it may not be as bad as previously believed. Winter wheat conditions improved slightly from 31% to 33% good to excellent. Spring wheat planting progress at 10% vs. 3% last week and 36% for the 5-year average

Past Morning Market Insights

Subscribe to Receive Morning Market Insight Email