Morning Market Insight

October 5, 2018
Casey Schlechter
Grain Marketing Specialist
                                                   
 
Corn: As of 7:45 up ¾.
At the risk of sounding like a broken record, wet weather continues to weigh on the minds of traders and producers. Up to 6” of rain in the corn belt will continue to be a thorn in the side as end user basis is starting to narrow to try and incentivize farmer selling to hold over supplies until things dry out. Exports were at the high end of expectations this week which brings the second largest unshipped corn sales on record. December corn continues to find resistance just shy of 3.70 as we continue to trade a tight range while we wait to see how many bushels are actually out there.

 
Soybeans: As of 7:45 up 2 ½.
Soybeans had a very good week of exports as sales topped the high end of the expectations for the week. Mexico took the cake with 21 mbu of the 55.9 mbu traded. Weather not only adds concerns of product coming out of the field but what quality some of that product will be at. Any harvest progress will be watched closely as damaged crop will reel the USDA estimates back in a hurry. November beans were down 2 on the day yesterday but continue to rest above September levels and well above the contract low of 8.12 reached on September 18.

 
Wheat: As of 7:45 HRW up 3 ½; SRW up 2.
World weather continues to be a driver on the world market as snow is to continue across areas in Canada that have yet to harvest. Australia finally saw a little relief from drought with rain in some areas the heaviest they have seen in years, although the weather bureau is suggesting that these rains are still a long ways from easing the drought concerns. Wet weather in winter wheat growing regions in the United States slows planting progress. Export expectations were towards the low end of estimates with Egypt looking to Russia to book 180K MT.

 

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