Morning Market Wire

Wednesday Aug 31, 2022                                               By: Eric Peterson

Corn was lower overnight, taking back all that what gained this past Monday.  December corn traded below the 100 day moving average yesterday but managed to finish above it.  U.S yield and production continue to be debated and how it will impact U.S carryout, however demand appears to be at issue as well.  Look for slightly lower trade today as the market struggles to gain momentum.        

Soybeans closed fourteen cents lower this morning with the November contract trading a relatively wide 25 cent range.  China demand remains strong as South America still has soybeans to sell and will gear up to plant the next crop very soon. U.S weather continues to look mostly favorable as some areas could use some rain.  Look for a lower start today as the market continues its rangebound pattern.    

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.    

Old Crop PremiumNew Crop TargetTrigger Date
0.4810.50 MWU238/25/23
0.2815.00 SX2210/21/22
0.286.60 CZ2211/25/22

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