Morning Market Insight

October 29th, 2018
Travis Antonsen
Producer Marketing Manager

 
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CORN: As of 7:45 – Up 1
Harvest progress is anticipated to be around 60% complete in this afternoon’s USDA report.  Friday was a strong day in the futures markets as funds bought an estimated 25,000 contracts!  We are seeing some carryover strength this morning as the Dec contract is flirting with the 3.70 mark.  With the solid futures carries this year keep an eye on the deferred prices…..Dec 19 is currently around $4.05 and has a favorable short term technical story behind it as shown below.

 
SOYBEANS:  As of 7:45 – Up 4
Brazil beans are going in the ground at a record pace……46% to be exact and 18 points ahead of average on this date.  From a Reuters story this am…….Oilseed traders in China on Monday played down the potential impact on soy consumption of new government guidelines to lower the protein content of animal feed, saying that rising soymeal and soybean prices would be a far bigger curb on appetite. The nation has been pursuing multiple ways to reduce its consumption of soymeal amid a festering trade war with the United States, its No.2 supplier of beans. Below is a graphic on current and historical US export destinations.

 
WHEAT:  As of 7:45 – Mpls Up 4, KC Up 2
US Wheat is getting close to garnering some business in the world market…..we were able to sell 1 cargo of Soft Red Wheat to Egypt this past week, this is the first in many months!  The US HRW crop is estimated to be around 84% planted…..we’ll see what USDA says this afternoon.
 

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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