Morning Market Insight

October 12th, 2018
Alek Heier
Grain Marketing Specialist

 
CORN: As of 7:45- Unchanged
Light trade in the overnight after the USDA report yesterday. The carryout of 1.813bb is well above the July estimate of 1.552bb. Export sales were within the expected range, but toward the lower end in the weekly sales report this morning. US weather clears, which should allow harvet to resume in parts of the WCB today and this weekend.  Corn moisture hasn’t changed much with many reports of 16-18%.


SOYBEANS: As of 7:45- Up 5
Higher overnight with a continuation of the buying from the USDA report that came out yesterday. US carryout is projected at 885mb, which came in at 14 million bushels less than the average trade estimate. Export sales were below expectations this morning. US weather could lend a hand to continuing harvest- forecast for an extended period of clearing with only a slight chance for lightly scattered precip in the Central and WCB. There are some reports of sprout damage and split pods coming out.

WHEAT: As of 7:45- MPLS up 2, KC up 2
Choppy trade continues in the wheat market with one day up, one day down, etc. The US carryout from the USDA report yesterday grew, while the market seems to wait for Russia to slow/halt exports. Weekly export sales were toward the low end of expectations at 12.5 million bu. There is still some market concern about Australian wheat from a hard frost about a month ago.
 

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