Morning Market Insight

September 11, 2018
Jeremy VanderVorst
Grain Marketing Specialist
 
Corn unchanged

Due to technical problems the weekly crop progress report will be released today at 11am.  Asian Swine Flu was found at a 10th Chinese farm and may cause a downturn in corn feed usage. In tomorrow USDA S/D report traders are anticipating a 2018/19 corn carryout of 1.590 billion versus 1.684 last year.
 
Soybeans down 2-3
Farmers in Brazil are seeking support to develop a soybean futures contract. Soybean traders are expecting a bearish report tomorrow as many are guessing an average yield of 52.2 bpa, while some traders are even talking higher yield estimates.
 
Wheat down 6-7
Wheat trading softer this morning as it corrects from yesterday’s runup due to dryness concerns in Australia. Current ABARES estimates Australia wheat production at 19.1 MMT versus the USDA at 22 MMT. Yesterday’s weekly export inspections had US wheat exports 31% behind last year with the USDA forecasting a 14% increase for the marketing year.
 

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