Morning Market Wire

Monday Aug 22, 2022                                               By: Eric Peterson

Corn was two sided but mostly lower overnight.  December futures is around a nickel lower from its 200 day average that we haven’t spent much time above since June.  The Pro Farmer tour begins today and will wrap up on Thursday.  The stops will be in OH and SD today, IN and NE on Tuesday.  Look for choppy to lower trade as news remains mostly routine. 

Soybeans were two sided overnight with the November contract trading a 20-25 cent range overnight.  November soybeans saw both sides of $14.00.  Rains look to have fallen over the majority of the central/eastern corn belt over the weekend, updated 7 day precipitation maps call for more spotty showers.  Demand for new crop soybeans remains questionable as China’s economy shows signs of slower growth.    

Spring wheat closed nearly unchanged this morning with the September contract trading a narrow nine cent range overnight.  Ukraine’s grain traders union cut there estimate for combined grain and oilseed crops to 64.5mmt down from 69.4mmt due to a smaller than expected area caused by the Russian invasion.  Look for the wheat market to remain under pressure as rains fall on winter wheat areas and spring wheat harvest is expected to find good numbers.   

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