Morning Market Insight

November 2nd, 2018
Travis Antonsen
Producer Marketing Manager

 
CORN: As of 7:45 – Up 1
Following beans higher despite a weaker overall demand picture.  At the end of the day it is estimated that the funds bought around 15,000 contracts.  Cash markets continue to firm as slow pace of farmer movement and cheap freight is pushing values.  A little nuisance precip for the upper midwest this weekend, but totals look to be light.
 
SOYBEANS:  As of 7:45 – Up 4
Big bean day yesterday on a tweet!  Soybean futures were hovering just above unchanged when President Trump tweeted he and President Xi had a “long and very good” conversation. The tweet also stated that trade discussions were moving along nicely ahead of scheduled meetings at the G-20 in Argentina.  This pushed the market up 30 cents and held there most of the trading session.  Reaction was also seen in China as soymeal futures there were down the 5% limit as traders react to the positive trade comments.  We did see some follow through buying overnight, but well off session highs.

 
WHEAT:  As of 7:45 – Steady to Down 1
Wheat got some spillover support from the bean complex yesterday in addition to the decent export sales that were reported at 7:30.  Wet conditions in the southern plains and eastward into the Ohio River valley are hampering the planning of HRW and SRW.  It doesn’t look like we will see the increase in acres as initially thought.

 

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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