MarketEdge PM Comments

(Allison Ryan)

Corn and wheat closed down double digits, while beans had a mixed day. September corn was down 17¼ and new crop was down 17. September beans are up 18, while new crop is steady. Wheat is down 25-40.
 

• The Feds implemented another quarter point rate hike today, as was expected; we are now at a 22 year high in the rates
• With or without the Grain Deal coming back into play, our global wheat stocks are at a 7 to 8 year low; logistically, no Grain Deal means wheat movement becomes a challenge utilizing rail through Europe
• The market seemed to ratchet down after a few days of no new reports of Russian bombing of Ukrainian ports
• Corn tracked down today, following wheat, despite the 100 degree temps across much of the corn belt this week; scattered rain is forecasted through some of the Midwest later this week
• Ethanol production is higher again this week, the best we’ve seen since January 2020
• Soybeans were firmer compared to corn and wheat, with new crop sales announced to an unknown destination
• The US Dollar, in comparison to the Brazilian Rio, was at a 13 month low, aiding in getting the US more competitive in the global market
• The Dow was higher, crude was lower, and the Dollar was softer

Have a great evening.