Morning Market Insight

October 30th, 2018
Travis Antonsen
Producer Marketing Manager

 
Check out Options Abound for Grain Marketing in this week’s Agtegra eNews!
 
CORN:  As of 7:45 – Steady
Corn harvest advanced 14 percentage points last week and catches back up to the 5 year average at 63% complete.  Export inspections yesterday were well below expectations again this week at 25.7 million bushels…..we need to load 48.6/week to hit the USDA export number!  Dec 19 is trading just over the $4 mark and is running into stiff resistance around the $4.05 mark.  Premium contracts are allowing us a shot at $4.25 on the Dec 19……ask your nearest Agtegra Grain Marketing Specialist for details!

 
SOYBEANS:  As of 7:45 – Up 2
Brazil’s soybean export pace shows no signs of slowing up.  The line-up rose 11 million bushels this week to 126 million, nearly 2 ½ times the year ago total.  The US logged 19 points of harvest progress last week and is reported at 72% complete vs the average on this date of 81%.  Beans remain oversold on a technical basis with stochastics in the single digits (blue and red lines on the chart below), but the moving averages are providing some stiff resistance to the upside…….we need some fresh news for a breakout!

 
WHEAT:  As of 7:45 – Mpls Steady, KC Down 1
HRW seeding remains behind average as the delays in fall harvest has pushed those seeding intentions back a little.  It is unlikely that we will see the entire increase in HRW acres that we anticipated a couple months ago.  Will continue to watch export competitiveness this week……Russian wheat prices dropped in response to the US getting a cargo of Soft wheat into Egypt last week.  We have been able to price NC 2019 Spring Wheat at a 35 cent premium this week using our premium contracts…..contact your nearest Agtegra Grain Marketing Specialist for details!
 

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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