Morning Market Insight

October 9th, 2018
Alek Heier
Grain Marketing Specialist

 
CORN: As of 7:45- Unchanged
We continue to see the USDA report and weather patterns being a major factor in the trade. The WCB remains wet, while the ECB is seeing some harvest progress. The WCB is slated to get rain for a few more days before clearing up into the weekend and next week. Average yield estimate for Thursday’s report is 181.8bpa, with carryout at 1919bb- both of those numbers are up from the last report. In better news- E-15 is expected to get approved for year round use this week.

SOYBEANS: As of 7:45- Down 3
Lower trade as the fundamentals continue to be bearish. We continue to see exceptional yield reports with harvest progress expected to be 35% complete, up from 23% last week. Cordonieer leaves his US soy yield at 53bpa, and his 2018/19 Brazilian production estimate is 120.7. US/China trade relations see no resolution while the Brazilian production season expands.

WHEAT: As of 7:45- MPLS up 2, KC up 3
Non-eventful on the overnight trade with USDA on Thursday expected to raise the US carryout. Overall export demand remains routine with the US getting very little extra demand as a result of lower Russian production. US winter wheat acres expected to be up from last year- if the farmer is able to plant with the moisture that we are seeing.  There was an export sale of HRS reported this am to Bangaadesh, somewhat unexpected to the market.  Signal of issues in getting the Canadian crop to market?
 

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