Morning Market Insight

November 27, 2018
Travis Antonsen
Producer Marketing Manager
 
CORN:  As of 7:45 – Steady to better

Harvest progress was pegged at 94% nationwide.  Notable states with significant acres remaining to be harvested were ND (80), WI (88), MI (82), and OH (86).  Export sales were above estimates at 44 million bushels, but lower than the pace needed to hit USDA numbers for the marketing year (48.4/week).

 
SOYBEANS:  AS of 7:45 – Up 3
Some more trade rhetoric this morning as Trump expects tariffs to increase further on Chinese imports if a resolution to the trade war is not realized at the G20 summit late this week.  S American planting progress was pegged at 89%, 5% ahead of LY and 11% ahead of average.  Export inspections yesterday were near the top end of the range at 40.6 million bushels.  Below is a graphic on year-to-date soybean shipments and the amount needed to hit the dismal USDA export number.

 
WHEAT:  As of 7:45 – Steady
Black Sea unrest is generating most of the headlines overnight as Ukraine/Russian relations are strained.  Click Here for a background story on how Ukraine/Russia got to where they are today.  Yesterday Ukraine voted for and imposed martial law for 30 days in parts of the country most vulnerable to a Russian land invasion.  Watching to see if Black Sea wheat availability and price is affected by this…..when Russia annexed Crimea in 2014 wheat values were spooked and rallied over $1.  This week was the last week of USDA Progress/Conditions report.  HRW was reported at 55% G/E, 5 points better than a year ago.....FWIW.
 

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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