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%.
 

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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