Morning Market Wire

Tuesday July 19, 2022                                               By: Eric Peterson

Drayton and all locations will be open from 7:00am to 6:00pm Monday-Thursday and closed on Fridays July 11th -July 29th.  To allow our staff time off before harvest. The office will remain open.

We have the following the Twins tickets available to our customers, please call for details.

Aug ticket availability:

  • Monday, August 10 – 10 Dugout (groups of 7 and 3)
  • Friday, August 5 – 10 Dugout (groups of 7 and 3)
  • Tuesday, August 16 – 8 Dugout (groups of 5 and 3)
  • Monday, August 22 – 8 Champion
  • Friday, August 26 – 10 Dugout (groups of 7 and 3)
  • Sunday, August 28 – 10 Dugout (groups of 7 and 3)
  • Monday, August 29 – 10 Dugout (groups of 7 and 3)
  • Wednesday, August 31 – 10 Dugout (groups of 7 and 3)

Corn was lower overnight with the September contract closing down twenty cents this morning.  The USDA put the U.S corn crop at 64% good/excellent, unchanged from last week and compared to 65% last year.  Forecasts are trending wetter since yesterday morning, with 4-5 inches of rain possible over the 10 day period for parts of IL, MI, and MN/IA border.  Look for lower trade today as the market remains focused on weather.    

Soybeans were under pressure overnight with the November contract trading a thirty cent range.  Soybean condition rating was down 1% to 61% good/excellent compared to an estimate of 62%.  Rumors are that China bought as much as 800k MT of soybeans since yesterday for Oct/Nov and Feb/March.  Look for slightly lower trade today as the market searches for confirmation on more Chinese business.              

Spring wheat traded lower overnight as futures seem to be consolidating at the lower end of the trading range.  The USDA pegged winter wheat harvest at 70% complete.  Spring wheat conditions are 71% good/excellent up 1% from last week.

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