Morning Market Wire

Monday Aug 29, 2022                                               By: Eric Peterson

Corn traded higher the majority of the night as the market debates the U.S corn production and yield.  Overnight, December corn broke through last week’s high of $6.71 getting to $6.7475.  The Pro Farmer tour estimated the U.S corn yield at 168.1 bushels per acre compared to 177 bpa last year.  Look for mostly higher trade today with support from a lower than expected yield estimate.      

Soybeans closed eight cents lower this morning with the November contract trading a twenty cent range overnight.  Weakness came as the crop tour showed a crop that was close to the USDA forecasts as better rains in August have helped the crop.  The tour came in at 51.7 bushels per acre with production at 4.535 billion bushels.   Look for pressure today with a good crop outlook. 

Spring wheat saw light two sided trade overnight.  Much of the Northern hemisphere remains in harvest as the global supply of wheat is being replenished.  U.S and Canada spring wheat harvest will gain momentum over the next 30 days as the later planted crop hits maturity.  Look for the selling pressure to continue as Ukraine continues to see exports along with a very strong U.S dollar hurting exports.    

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