Morning Market Insight

October 17th, 2018
Abbey Kittelson
Grain Marketing Specialist


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CORN: As of 7:45 – down 1
Harvest progress has picked up again across the corn belt and is expected to continue uninterrupted for the next 10+ days. Corn prices settled back a little bit yesterday, but stayed above the 100-day moving average. Funds were sellers of 12,000 contracts as they took their profits. Low volume was traded overnight with not much for fresh news to share.
 
SOYBEANS: As of 7:45 – down 2
Profit taking pulled the market lower yesterday as harvest gets kicked back into gear across the Midwest. November beans fell back below the 100-day moving average and closed down 6 cents on the day. Brazil planting weather is favorable and appears to be going quickly down there. More Brazilian acres coming?? China is still not buying US beans and probably the only friendly thing our prices have going right now is a delayed harvest and pictures on social media of damaged quality. How widespread is the damage going to be?


WHEAT: As of 7:45 – Mpls down 3, KC down 6
Wheat is moving into a sideways pattern with little to no fresh news to share. The United States is still hoping to pick up additional export business with Russia facing issues. Right now, Brazil is expected to increase exports from Russia as they are the price to beat and quality is good. To meet projections in the United States, more export business is needed. Otherwise, an already huge glut of wheat will grow even more. The weather clearing has helped some farmers in the Southern Plains get back to seeding winter wheat.
 

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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