Morning Market Insight

November 8, 2018
Jeremy Vander Vorst
Grain Marketing Specialist


November USDA report is out at 11am this morning.....see estimates below

Corn 1 Higher
Today at 11am we will see updated numbers from the USDA on yields and projected carryout. Brazil’s CONAB group estimates 18/19 corn production at 90-91mmt versus last year at 80mmt. Weekly ethanol numbers were in line with expectations which shows little slowdown in production even with slim margins. According to the China ag ministry corn consumption in 18/19 is seen at 245mmt up from prior forecast of 236mmt.
 
Soybeans 2-3 Higher
Brazil’s CONAB predicts 18/19 Soybean production at 116.8mmt to 119.3mmt versus 17/18 production of 119.3mmt. China’s Dalian beans were lower overnight as we continue to hear reports of African swine fever cases in China. Average trade guess on 18/19 US soybean carryout is .906mbu this would be double our 17/18 carryout of .438mbu
 
Wheat 1-4 Higher
Minneapolis wheat leads the wheat market higher overnight as many northern farmers are focused on harvesting row crops which has led to slow movement of stocks. Projected carryout stocks are expected to be higher as US exports are currently well behind expectations from the USDA.

 

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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