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Morning Market Insight

Morning Market Insight

November 17, 2017
Kaitee Schaefers
Grain Marketing Specialist

Corn: up 1
3.36 continues to hold the low in the corn market. Lack of news has the market trying to drag along this 2.5 bbu carryout. Although we are finding a little strength from the other commodities and quite possible the fact that China has eliminated the DDG VAT tax. South America is on the radar, Argy planting is at 35% complete on half the moisture they normally have. Informa came out yesterday with their estimated 2018 acres at 91.460 vs 90.46 last month. The funds are close to a record short, will the cover any of those or roll to a deferred month for a premium? First notice day is Wednesday November 29th.

Beans up 4
Soybeans are slowly creeping their way back up, unable to break resistance at 9.79 (the 200 day MA). We have had a higher low since Tuesday. Informa updated estimated bean acres for 2018. 89.627 vs. 90.347 last month. We are not seeing exports keep up with USDA pace right now. Dec-May could be an uptick in exports. Argy does have a chance for showers in the next 5 days. Argy bean production was left unchanged at 55 mmt. 

Wheat: MPLS up 1 KC up 3
Periods of rain have slowed Australia wheat harvest. Egypt wheat imports are up 66% from last yeaer. Russia wheat availability owns the market. Informa’s 2018 wheat acres are projected at 45.62 vs 45.87 last month.
 

The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.