Morning Market Insight

October 2, 2018
Casey Schlechter
Grain Marketing Specialist
                                                   
 
Corn: Down 2 (As of 7:30)
The 9 ½ cent bump in corn left the futures above the 100 day moving average, which can sometimes provide a  line of resistance. The wet forecast in the Northern Corn belt keeps harvest at a slow grind, showing progress at 26% vs 16% last week. Still ahead of the 17% five year average but with maturity levels, the market was looking for more. Crop Conditions remained unchanged at 69% GTE. The trade agreement reached between Canada and Mexico was a welcome sign but don’t be surprised if turn-around-Tuesday earns its name today.
 

Soybeans: Down 1 ½ (As of 7:30)
Soybeans touched a 6 week high on the heels of the trade deal with Canada and Mexico, a wet forecast and the census crush coming out at the high end of expectations. Continued wet weather in the Northern Corn Belt slows harvest progress which is now 23% complete vs the five year average of 20%. Export Inspections were toward the lower end of expectations at 21.7% but any progress with trade negotiations is welcomed news to the soybean market! Crop conditions were unchanged at 68%.
 
 
Wheat: HRW Down ¾, HRS Up 1 ¾ (As of 7:30)
Wheat was the quiet one in the market yesterday. HRW was all but unchanged while HRS bounced 4 ¾ cents. Export inspections were towards the lower end of expectations at 13.6 MBU leaving wheat 30% lower than shipments a year ago. Winter Wheat planting jumped from 15% complete last week to 43% complete, slightly ahead of the 5 year average of 40%. Globally, the European Union and the Black Sea Region see some areas waiting for precip before they continue planting and are seeing the window for planting coming to a close.

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