Morning Market Insight

October 19th, 2018
Abbey Kittelson
Grain Marketing Specialist


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CORN: As of 7:45 – steady
Corn ended down yesterday on good harvest progress and weak technicals. December 2018 corn fell below the 100-day moving average and hangs around 3.70. Meanwhile, December 2019 corn has held its ground above 4.00 futures lately. Export sales pegged at 15.1mbu were the lowest of the marketing year. We did hear a rumor that the EPA can move forward on E15 without the approval of Congress.
 
SOYBEANS: As of 7:45 – up 1
A big day yesterday for the bears of the bean market, ending down 22 cents on the nearby November contract. Good progress and decent yields make it difficult for a market to rally during harvest. There have been very few quality issues reported in the northern parts of the US, but as you travel south there appears to be some sparse damage from moisture. Argentina is expected to add more hectares of soybeans this year. Our export sales yesterday were horrendous at 10.8mbu. China has reported 4 new cases of African Swine Flu. Meanwhile, rumors are going around that their government may mandate hog rations to a maximum percentage of soybean meal.
 
 
WHEAT: As of 7:45 – Mpls steady, KC down 1
The wheat complex followed row crops yesterday and closed lower for the 3rd consecutive day. Export sales were right in line with trade estimates at 17.5mbu. Russia hasn’t appeared to cut their export program yet, and they are very competitive right now. Japan bought some optional origin wheat yesterday, but unfortunately the United States was not on that tender.
 

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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