Morning Market Insight

November 15, 2018
Drew Johnson
Grain Marketing Specialist


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Corn: 2 higher
It was reported, on Tuesday, that US harvest progress is at 84% complete. This was 8% higher than that of last week, and only 3% behind the average pace. Weather forecasts, for the next week, look favorable for rapid harvest progress in the US. Export inspections were also released Tuesday. 44.7 million bushels were reported for inspection. This puts inspections up 86% for the 2018-19 marketing year.  Ukraine’s corn crop looks to be getting bigger, and that could potentially hinder US exports. Technically corn is still in a sideways trend holding support at the 100-day moving average of $3.67.

 
Soybeans: 9 higher
Soybeans are higher this morning due to renewed optimism in US/China trade relations.  Tuesday’s Export Inspections report came in at 47.8 million bushels. This put totals down 42% from a year ago. Harvest progress was reported at 88% complete. This was up 5% from last week, but behind the average pace of 93%. Weather forecasts, for the next seven days, promote good harvest progress. Technically speaking, January soybeans are holding support at the 100-day moving average of $8.75 with resistance at $9.00.

 
Wheat: MPLS: 3 higher. KC: 3 higher
The drop in crude oil contributed to the wheat fall yesterday. Traders seem to have mixed emotions over winter wheat seeding. That was reported at 89% planted. This is running about 5% behind the yearly average due to slow SB harvest and cool temps in Kansas. Export inspections were reported at 12.6 million bushels. This puts yearly totals down 21% from a year ago. Minneapolis Wheat is holding a sideways trend between $5.90 and $5.70 December futures. Kansas City Wheat is still trending lower and holding support at the new low at $4.80.
 
 

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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