Morning Market Insight

September 7, 2018
Travis Antonsen
Producer Marketing Manager
 
CORN:  As of 7:45 – Down 1
Futures closed slightly higher yesterday, but we are giving that back in early morning trade.  Lots of ideas being tossed around regarding the US crop size and what the USDA will report in Wednesday’s S/D report.  They were posting a 178.4 bu/A yield in August.  Export sales out this morning were toward the higher end of the range on corn at 40.7 million bushels (expecting 24-43).  Mexico accounted for 13.6 million bushels and 11.8 went to ‘unknown’.

 
SOYBEANS:  As of 7:45 – Down 2
Beans were also slightly higher yesterday and like corn, it is giving those small gains back this morning.  Nothing new to report in the US/China trade spat.  New crop export sales were ‘middle of the road’ at 24.7 million bushels (expecting 15-33).  Thailand bot 4.2 and 15.6 was sold to ‘unknown’.
 
WHEAT:  As of 7:45 – Mpls Down 1, KC Down 3
Wheat futures closed lower for a third straight day yesterday.  This week U.S. wheat futures have continuously bled back some of the accumulated premium attained last week, as speculation that Russia may move to limit imports later this season makes its way through the market. However, Russia stated earlier in the week & reiterated yesterday it has no plans to impose a tax on wheat exports this year. It appears they are content front-loading their export program, so whether those plans will change down the road remains to be seen.

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