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.

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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