Morning Market Insight

November 9, 2018
Jeremy Vander Vorst
Grain Marketing Specialist


Ask your nearest Agtegra location or Grain Marketing Specialist about our 2018 Special Soybean Bin Power Probe program.

Corn 2-3 Lower
Yesterday’s crop report seen the USDA lowering the US yield more than expected to 178.9bpa versus 180.7bpa last month. USDA also raised world supplies from 159mmt to 307mmt due to revisions in China’s data. The revised China stocks dashed any hopes of them becoming a significant importer of corn in the next few years.
 

Soybeans 3-4 Lower
USDA raised soybean stocks over the previous 3 reports and yesterday raised them to 955mb. The report also showed a drop in yield to 52.1bpa which was offset by exports dropping 160mb. Many analysts believe soybean exports will be cut further which will lead carryout over 1 billion bushels. Current estimates predict Argentina soybean crop to be at 57mmt.
 
Wheat 3-6 Lower
Harvest in Saskatchewan is 99% complete and most farmers are saying quality much better than they expected. World wheat stocks were raised fractionally higher which has added pressure to market. Spring wheat carryout was lowered 1mbu from October’s report.
 
 

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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