Morning Market Insight

October 8th, 2018
Alek Heier
Grain Marketing Specialist

 
CORN: As of 7:45- Down 2
Overnight trade was two sided, but weaker coming in to 7 this morning. USDA report this week with many expecting a small raise to the overall carryout. Average estimate for carryout is 1.914bb vs the 1.774bb from last month. Weather remains wet through most of the crop producing area with heavy rain from TX through IA, and MN to WI for the next 4 days.

SOYBEANS: As of 7:45- Down 1
Chinese soybean and soymeal markets are sharply higher, along with the wet US weather. Harvest has slowed to a crawl with the recent rains in many areas of the WCB, and some areas showing signs of a tighter supply. Brazilian planting is well ahead of normal which continues with the trend of planting soybeans earlier to take advantage of second crop corn later.

WHEAT: As of 7:45- MPLS down 1, KC down 1
The overnight trade had a weaker tone, especially on the winter wheat side. Russia based IKAR raised the 2018 wheat crop 500tmt to 69.8mmt, with a strong export market as well. Although there are some concerns that Russia may be running short of exportable wheat.

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