September 18, 2017
Morning Market Insight
Corn: down 2
Relatively quiet for news over the weekend as corn is off 2 cents this morning trading in a 3 cent range over night. The December contract is stuck trading in a range right now from 3.40 to 3.60. You can find support at 3.50. Early yield reports coming in slightly better than expected. With light news we can expect to see corn range bound until we can start getting a definite number on yield. Last week 4 corn boats went to Mexico from Brazil. Mexico is the US biggest buyer of corn. Funds are estimated to be short about 111,000 corn contracts.
Beans trading in an 8 cent range overnight with good volume. Early strength came from dryness in SA. Early yields are coming in better than expected as well. FSA is estimating that there are .75 to 1 mln more bean acres than USDA. August NOPA came in at 142.4 million bushels, well above the average 137.5 mbu. The USDA just announced a sale of 261,000 mt of beans to china 17/18 and 126,000 mt to an unknown destination for 17/18.
Wheat: MPLS down 1 KC down 3
Traded lower in the overnight, still have plenty of global supply. On September 29th we will get the USDA’s Small Grain Summary. Informa has estimated the US spring wheat crop at 301 mbu vs the USDA estimate of 364 MBU. Canada wheat harvest is running into low protein issues. Australia wheat belt has experienced frost over the weekend and Argentina wheat is suffering from wet conditions. Winter wheat seeding is getting rolling in the US and rains over the weekend should encourage more seeding in the Southern Plains.