Morning Market Wire

Tuesday Sept 20, 2022                                               By: Eric Peterson

Corn traded higher overnight with the December contract closing three cents higher.  Corn was rated at 52% good/excellent, down 1 pt from last week and the lowest number since 2012.  Nebraska declined the most, down 5 to 37% good/excellent.  The crop is currently 7% harvested, up 2 from last week and just below the 8% average.  Look for slightly higher trade today as the market found support yesterday at its 20 and 100 day moving average.    

Soybeans traded lower overnight but were able to stay above the 200 day moving average of $14.50.  Soybeans are 3% harvested vs 5% on average for this date.  The crop is rated at 55% good/excellent down 1 pt from last week.  The USDA announced yesterday morning a sale of 136tmt soybeans to China for 2022/23.  Look for slightly weaker trade in light volume.        

Spring wheat traded higher overnight as the rangebound trade continues.  Spring wheat harvest is wrapping up at 94% complete.  The U.S winter wheat crop is 21% planted vs. the 17% average for this date.  That is the highest percentage since 2009.  Look for a small bounce today after yesterday’s sharp sell off.

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