3/22/2022

Mar 22, 2022


3/22/2022
A much quieter day of trade than what we have become accustomed to seeing. Daily highs were set overnight corn and soybeans and we were well off of those marks going into the coffee break. There was no initial burst either direction when the market re-opened at 8:30am and we drifted sideways/lower throughout the session all the way to market close. The USDA made an export sale announcement this morning of 240,000 tonnes of soybeans for delivery to unknown during the 2021/22 marketing year. One of yesterday's main headlines was the start of the Canadian-Pacific railway workers’ strike. After 24 hours, the issue was resolved and operations were restarted after an arbitration agreement was reached. Once again, May soybeans traded through 1700'0 and were unable to hold water above that line but did post another high close on the contract. It is starting to feel like 1700'0 old crop futures for soybeans is inevitable. News and trading headlines continue to be recycled and risk premiums compounded on the same rhetoric. Cash corn orders in the $7.20-7.25 range is a solid area to target. New crop corn in the range of $6.25-6.35 delivered and new crop beans at $15.00 off the combine are where we are looking right now. Recent rains across the Midwest have improved water levels on the Mississippi River and loaded barges are beginning to come in, allowing grain to be loaded out.

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