Morning Market Wire

Thursday Sept 22, 2022                                               By: Eric Peterson

Corn closed a fraction higher this morning after trading a narrow four cent range overnight.  Weekly export sales were 182.3tmt vs. estimates of 400tmt to 850tmt.  December corn failed to break above $7.00 resistance yesterday, for the second time this month, but trendline support is holding as well, forming a wedge pattern.  Look for steady to higher trade today. 

Soybeans closed two cents higher this morning after trading a twenty eight cent range overnight.  November soybeans got within a penny of its 100 day moving average of $14.47 before finding support. Export sales of soybeans were 446.4tmt vs estimates of 500tmt to 1.0mmt.  A strong U.S dollar continues to impact the U.S competitiveness with Argentina and Brazil able to sell discounted to U.S offers.  Look for steady to higher trade to begin the day. 

Spring wheat closed a penny lower this morning after trading a twenty cent range overnight.  Export sales were 185.2tmt vs estimates of 200tmt to 500tmt.  Decent rainfall over the Northern half of Kansas has improves prospects for planting conditions.  Look for mostly higher trade today as Russia continues to disrupt the Black Sea region.   

Old Crop PremiumNew Crop TargetTrigger Date
0.5010.50 MWU238/25/23
0.4515.00 SX2310/21/23
0.357.00 CZ2311/25/23

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