10/25/2022

A weaker dollar and simple trend-line support was enough to provide a bounce for corn and soybeans today. Our markets continue range bound as funds and spec traders wait on something to provide a sense of direction to the market. We are still two weeks out from the November WASDE report. The November version of this report from the USDA is typically rather quiet and features little-to-no changes but given how any type of market news has been stifling quiet, more emphasis may be put on this report as a market mover. The silence on yield reports around the grain belt is deafening which makes one think that if the crops were as bad, or worse, than we were told, the market would be talking all about it. We could be setting up for a scenario of a bigger than expected supply and overstated demand from the USDA. There is still good potential for some higher prices as we move out of harvest and towards 2023 but any sort of significant price rally will likely be sold off quickly.