Morning Market Insight
Grain Marketing Specialist
Corn as of 7:45: Unchanged
Overnight trade keeps a 2 cent trading range. Yesterday’s export numbers came in lower than last week. Milo had a huge week for exports around 6 times more than last week. Not much new news for corn overnight. Look for may futures resistance @3.88. USDA report Thursday does it change anything?
Soybeans as of 7:45: Down 4
Beans fairly quit on the overnight trade in a range of only 5 cents. Argentina weather forecast still dry. Export numbers for beans increased from last week see graphic at top of page. AgRural increase Brazil soy production estimate to 117.9mmt from 116.2mmt.
Wheat as of 7:45 MW -Down 4 KC- Down 8
Wheat trades lower on the overnight with moisture coming down across the northern plains. Ukraine and Russia wheat crop starting to look good doesn’t sound like there is much for winter kill. Southern plains still remains critically dry. UkrAgroConsult has raised its estimate of Ukraine’s 2018 wheat crop 4.8% to 26.3 MMT.