Morning Market Insight

May 2, 2018
Abbey Kittelson
Grain Marketing Specialist


CORN – As of 7:45 – steady
December corn saw a new high yesterday of 4.20 ½, busting through last summer’s Dec 17 contract high of 4.17 ¼. Traders right now are concerned about the possible first decreasing carryout stocks number in 5 years. Planting progress is behind schedule, but most would guess that by next Monday we will see huge gains in the US corn belt, as the top three states (IA, IL, NE) have had good planting conditions for about a week now.

SOYBEANS – As of 7:45 – down 5
Soymeal led the way again, ending nearly 11 higher on the day yesterday, and pulling soybean contracts with it. This move higher can mostly be attributed to shortfalls in the Argentine crop. The world has not fully solved the supply and demand issue for protein over the summer. Harvest delays in Argentina are expected to continue with heavy rains in the forecast.

WHEAT – As of 7:45 – KC steady, MNPLS down 2
Wheat was the big leader yesterday. We saw double digit gains in both KC and Minny contracts. The winter wheat tour kicked off this week – some of the crop looks good, some not so good. Trade is certainly expecting a smaller crop this year in the south. Rumors are flowing that spring wheat seed is getting tight in North Dakota… will we see an increase in acres? Below is a chart for July winter wheat. Resistance sits around 5.60.

 

Past Morning Market Insights

Subscribe to Receive Morning Market Insight Email