Morning Market Insight

October 16th, 2018
Abbey Kittelson
Grain Marketing Specialist

 
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CORN: As of 7:45 – down 3
Yesterday’s December 2018 corn trade closed at its highest price since August 21. Export inspections came in lower than last week but within expectations at 39.2mbu. The continued rally has garnered support from an expected reduction in yield and test weight, along with other quality issues that could possibly be seen in almost 700k acres of crops coming out of the field this year. December 2019 corn has climbed to attractive levels above $4.00 futures. $4.13 and $4.23 are previous highs for the contract. How much corn will get planted next year if the soybean market does not climb back?


SOYBEANS: As of 7:45 – down 8
A very strong day in soybeans yesterday, when the nearby November contract closed 24 cents higher, and very well near the daily highs. Producers across the country rewarded the rally, especially now that harvest will be picking up again. Do you have any basis fixed contracts to price? Export inspections were above last week and above trade estimates at 42.5mbu. Much of the trade is worried about a damaged crop coming out after all the rains across the Midwest, but how much will that change? The stocks number is still well ahead of where it was both a year ago and two years ago, and China still isn’t buying US beans…

WHEAT: As of 7:45 – Mpls down 1, KC down 3
Kansas City and Minneapolis wheat both ended higher yesterday after a decent export number at 16.6mbu, which was near the high end of trade guesses. Jordan and Syria are tendering for wheat, but other avenues of tender activity are silent. Canadian farmers are still struggling with soggy fields as they try to harvest, and US farmers are struggling to get their winter wheat in. The winter wheat percent planted is at 65, which is in line with the 5-year average of 67.

 

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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