Morning Market Insight

October 10th, 2018
Alek Heier
Grain Marketing Specialist

 
CORN: As of 7:45- Unchanged
Corn is awaiting tomorrow’s USDA supply and demand report. USDA is expected to raise both the 17/18 and 18/19 US carryout numbers. Corn harvest is pegged at 34% ahead of the 26% average. Technically CZ tests its 500 day moving average of $3.66 ¼, and the $3.63 mark could show support being the first retracement of the May high to Sep low. We are still seeing a stall to harvest across much of the WCB with the ECB seeing some progress. 


SOYBEANS: As of 7:45- Down 5
Lower as fundamentals remain negative due to the China trade conflict. The USDA report is expected to add to the negativity surrounding the market with 17/18 and 18/19 carryout expected to increase. USDA reported soy harvest at 32% complete, behind the 5 year average of 36%. Wet conditions continue to pose an issue for progress.


WHEAT: As of 7:45- MPLS down 2, KC down 2
Choppy overnight trade with little major news and technically neutral/negative. USDA is expected to slightly increase the 18/19 carryout level with overall export demand looking weak. USDA reports winter wheat seeding at 57% complete. Ukraine’s wheat exports have reached 36% of their target for 18-19 season. Their target is 8 mmt. Wheat shipments were 2.3 mmt for September- down 12%.
 

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