Morning Market Wire

Wednesday Sept 14, 2022                                               By: Eric Peterson

Corn turned lower overnight with the December contract closing six cents lower this morning.  Weakness came overnight on profit taking after recent strength.  The European crop continues to suffer from extended periods of hot/dry weather conditions. Look for two sided trade from lower crop ideas and concerns of slowing demand.      

Soybeans closed a fraction lower this morning after trading two sided overnight.  Support came from smaller crop ideas and pressure from uncertainty about future export business and outside influences. Look for mostly two sided trade today ahead of harvest.    

Spring wheat closed unchanged this morning with pressure on profit taking after recent gains.  Prices are drawing additional pressure on weakness in the corn market.  December wheat continues to consolidate near the 90 day moving average.  Look for steady to lower trade today.    

Old Crop PremiumNew Crop TargetTrigger Date
0.50$10.50 MWU238/25/23
0.45$15.00 SX2310/21/23
0.35$7.00 CZ2311/25/23

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