Morning Market Insight

September 12, 2018
Jeremy VanderVorst
Grain Marketing Specialist


USDA Sept WASDE report is released this morning at 11am......Trade estimates are shown below.
 
Corn Down 1
Crop ratings released yesterday showed a 1% improvement for corn. US crop is currently 86% dented versus 75% average which projects and early harvest. CONAB trimmed its estimate of Brazil corn production yesterday of 2018 corn to 81.4 MMT which is down 824,000 MMT.
 
Soybeans Down 5-6
Soybeans currently trading lower on expectations of a bumper US crop and poor Chinese demand. China lowered its forecast for 2018/19 soybean imports as animal feeders reduce the use of soymeal in rations. Profits at Chinese pig farms are falling and may lower demand for soymeal.
 
Wheat Up 5-6
A recent wheat tender from GASC shows that US wheat is still priced above the market. Weather forecasts point to rains for Russia and Ukraine that would be much needed for their fall seeded crops.
 

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