Morning Market Insight

November 13, 2018
Drew Johnson
Grain Marketing Specialist


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Corn: 2 lower
Due to the observance of Veterans Day, yesterday, the weekly USDA Export Inspection and Crop Progress Reports will be released today. Traders expect harvest progress to be around 88% complete vs the 76% last week. to Weather forecasts, for the next seven days, promote an opportunity to finish up before Thanksgiving. Technically we see the December futures holding support at 20-day moving average of $3.69.

 
Soybeans: 5 higher
It was a slow day yesterday due to lack of news. Traders will be looking closely at harvest progress due to snow in Kansas and recent wet weather in the SE Plains. It was reported that 71% of Brazil’s soybeans have been planted, while Argentina is at 9%. Heavy rains are expected for Argentina, this week, and that is expected to slow down planting. Traders are also waiting in anticipation for the G-2O Summit with hope that a foundation for a trade deal between the US and China can be laid. Technically we see support at $8.80.

 
Wheat: MPLS: steady. KC: 3 lower
Wheat took off yesterday, led mostly by the Chicago Wheat complex. US soft wheat exports are up 2% and there is some traders expecting an uptick in wheat exports due to recent rain in Argentina. Winter wheat conditions are expected to deteriorate to 50% vs the 51% last week. Seeding progress is expected to be around 88% complete vs 84% last week.
 

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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