Morning Market Insight

November 12, 2018
Drew Johnson
Grain Marketing Specialist


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Corn: steady
Corn inching a little higher in the overnight trade as we start the fresh week. Last week the USDA found more corn in China, thus boosting world stocks, and less need for China to become a player in corn imports. US weather forecasts seem dry over the next 7 days and should allow US farmers to wrap up harvest. Brazil and Argentina are expecting rain. Overall the corn is trading sideways with support at the $3.67 December futures.
 
Soybeans: 4 lower
Soybeans are lower to start the week. This is not bad despite all the negative news that was released in last Thursday’s WASDE Report. Soybean stocks were raised to 995 million bushels, and yield was raised to 52.1 bu/A. Traders now focus their attention to the G-20 Summit with hopes that US President Trump and China’s President Xi, will be able to come to an accord on soybean trade. January soybeans are holding support at the 100-day moving average of $8.76. 
 
Wheat: MPLS: steady. KC: steady
Wheat starts the week off steady. Snow, last week, in Kansas has slowed wheat seeding. Frost in Argentina is also a concern. China and Russia in talks to allow more Russian wheat for export to China. 
 

The information contained above was taken from sources which Agtegra believe to be reliable, but is not guaranteed by Agtegra as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.
 

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