Morning Market Insight

October 18th, 2018
Abbey Kittelson
Grain Marketing Specialist


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CORN: As of 7:45 – down 4
The corn market traded in a very tight range yesterday on favorable weather for harvest across the Midwest. There seems to be light chances of moisture coming late in the week for northern parts of the corn belt. The EIA report yesterday showed that stocks increased by 109,000 barrels, despite a 29,000/day drop in production. High water is an issue on the river market right now. Reports are showing that the EPA will announce a plan for E15 by February 2019.

SOYBEANS: As of 7:45 – down 10
Technical support helped soybeans yesterday finish up slightly, despite battling bearish factors like favorable harvest conditions. Soybean meal closing up $1.40/ton helped the complex. While Brazil’s monthly exports are on track to set a record, the United States struggles to keep up with the USDA forecast number. We need 27.8mbu of sales tomorrow to hit that goal. The Midwest is expected to be wrapped up with soybean harvest in the next 7-10 days.

WHEAT: As of 7:45 – Mpls down 1, KC down 2
Both KC and Mnpls wheat closed lower yesterday on light news and good weather forecasts. Global forecasts were favorable as well, with Australia, Argentina and the Black Sea receiving much needed rains. The United States is continuing to hope for better export numbers. Black Sea wheat has reached a bid that some traders feel pulls them out of the market and attracts more business our way. Additionally, rumors are still afloat that Russia will not be able to keep up with exports at the rate they are selling right now. Egypt is a big buyer of Russian 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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