Morning Market Insight

October 15th, 2018
Abbey Kittelson
Grain Marketing Specialist

 
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CORN: As of 7:45 – down 1
After what seemed like a never-ending rainy forecast for the Midwest the last couple of weeks, it appears as though harvest will be able to resume for the next 7-10 days. Friday’s corn market closed up 4 cents in the nearby December contract. Short covering by the funds and delayed harvest activity both contributed, along with the USDA’s yield reduction. Traders are concerned with crop damage from excessive moisture.

 
SOYBEANS: As of 7:45 – steady
After Thursday’s not-so-bearish USDA report, the market followed through on Friday with short covering from the funds and spillover support from the soyoil market. Recent weather has been affecting the soybean market as crop damage is in the back of every trader’s mind right now. Harvest progress is a key issue right now as we are slightly behind schedule and the crop has faced too much rain as of late. November beans closed up 9 cents on Friday.

WHEAT: As of 7:45 – Mpls steady, KC steady
The wheat market on Friday garnered support from corn and soybeans and recent weather issues. Winter wheat planting in the Southern Plains has been delayed due to saturated fields. The United States is hoping to pick up some additional export business after selling some last week to Bangladesh and interest from Brazil. An upcoming favorable weather forecast will allow Canadian farmers to harvest what spring wheat is still in the fields. 

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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