Morning Market Insight

November 16, 2018
Drew Johnson
Grain Marketing Specialist


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Corn: 1 lower
Corn is finding support from the soy complex. Ethanol production was reported to be a little lower from last week coming in at 1.067 million barrels/day, while ethanol inventory increased from 23.2 to 23.5 million barrels. Export sales were reported at 35.1 million bushels, with shipments were reported at 43.8 million bushels. This is good news for the corn. US weather forecasts continue to promote harvest advancement. Technically we are still holding support around the 100-day moving average $3.67.

 
Soybeans: 2 lower
Soybeans continue to be supported by renewed US/China trade talks.  Export sales were reported at 17.3 million bushels putting sales down 32% from a year ago. Total shipments were reported at 49.9 million bushels. This is down 42% from a year ago. Technically speaking, January soybeans are holding support at the 100-day moving average of $8.75 with resistance at $8.92. Remember to get target orders in place, as this soybean market will remain choppy until a deal can be finalized.
 
Wheat: MPLS: steady. KC: 3 steady
Wheat trading lower on stronger US dollar and lack of news. Cold wet weather preventing planting in Kansas and may lend support to this market sometime. Total wheat export sales came in at 16.1 million bushels, with shipments being reported at 9.7 million bushels. Bearish news for wheat.
 

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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