Morning Market Insight

October 4, 2018
Casey Schlechter
Grain Marketing Specialist
                                                   
 
Corn: As of 7:45 – Up 2
The corn market saw green most of the day before dropping to unchanged and 2 ½ down in the deferred months. A decent day on the export side as Japan bought 230,000 MT of old crop corn. Wet weather continues to weigh on the minds of producers and end users alike as corn is staying in the fields when the users were expected their typical harvest bull rush. As much as 3-6 inches of rain is expected over the next 7-10 days in the corn belt with concerns turning the flooding in the fields of northeastern Iowa, northern Illinois and most of Wisconsin and Michigan. Export sales were toward the upper end of the range at 56.3 million bushels (39-63 mbu expected).

 
Soybeans:  As of 7:45 – Up 3
Technical selling and profit taking drove the soybean market down 4 ½ cents yesterday. The wet forecast continues to be talking point as the harvest delays take the forefront. It will take time to see if all of the moisture starts to pull back on the bushels that the USDA is expecting to see. Then to see if there will be quality issues. Planting in South America continues ahead of pace, helping to realize the 180 MMT soybean crop that is forecasted. That output would produce enough to feed Chinese demand, along with the non-Chinese business they previously supplied.  Soybean export sales topped expectations at 55.9 million bushel (33-55 was the range).

 
Wheat:  As of 7:45 – Mpls Steady, KC up 6
Tuesday’s break in news that Russia would be suspending wheat shipments from its two largest exporting stations was short lived as the market has heard rumors of Russia limiting exports for the last three weeks. The export market continues to be quiet with export sales today in the middle of the range at 16 mbu (9-20 MBU). World weather takes center stage with Australia in a record drought and areas seeing freezing temps, Canada looking at 3-5 inches of snow in areas still finishing up SW harvest to go along with the above average moisture in the United States where winter wheat planting continues to lag.

 

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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