Monday Sept 26, 2022 By: Eric Peterson
Corn traded lower the entire night in a narrow six cent range. December corn continues to drift towards the 100 day moving average of $6.65. A strong U.S dollar is not helping the U.S as South America appears to have an ample supply and at a discount. Look for the corn market to be volatile as harvest ramps up and out markets influence the market.
Soybeans saw two sided trade overnight with the November contract trading a twenty cent range. November soybeans continue to trade above its 200 day moving average and below the 50 day moving day average of $14.16. U.S harvest pace should pick up this week as the seven day forecast looks mostly decent. Look for lower trade today on harvest pressure.
Spring wheat was two sided overnight with the December trading a wide 22 cent range. Strong U.S dollar and fear of recession continues to drive money flow into grains and commodities. Some rain has fallen across the winter wheat regions, favoring the fall planting season as it gets started. Look for the wheat market to remain volatile as global tensions remain high.
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